EUR/USD Erases Early Gains, Holds Above 1.1450 Ahead of Euro-Zone PMI
pair pared early Asian session gains and moved back to morning opening
level of 1.1465 as investors wait to see the final print of Euro-zone
PMI figures for the month of April.
During Asian session, the pair extended its upward trajectory and rose to a fresh 2016 high level before retracing a bit to opening levels. Investors now seem to gear themselves for a slew of top-tier economic releases scheduled at the beginning of a new month. On Monday, traders would be eyeing manufacturing PMI figures from the Euro-zone and US ISM manufacturing PMI print for fresh trading cues.
Technical levels to watch
A dip below 1.1450 could be the first signs of profit taking after last week's sharp up-move and hence, could drag the pair back towards 1.1415-1.1400 resistance break-point turned immediate support. Any subsequent weakness below this immediate support might get extended, but is likely to be limited at a strong horizontal support near 1.1370-60 area.
On the upside, Oct. 2015 high level near 1.1480-1.1500 area remains immediate hurdle to clear. A decisive break-through this immediate resistance seems to assist the pair towards 1.1550-55 horizontal resistance, ahead of its next important psychological mark resistance near 1.1600 handle.