EUR/USD Eyes 1.15 As Dollar Plummets

EUR/USD Eyes 1.15 As Dollar Plummets

2 May 2016, 12:38
Roberto Jacobs

EUR/USD Eyes 1.15 As Dollar Plummets

The selling pressure is not giving up on the greenback, now helping EUR/USD to clinch fresh 2016 tops near 1.15 the figure.

EUR/USD attention to Draghi, US data

The pair is extending last week’s firm tone and trading closer to the critical barrier around the 1.15 handle (October peaks), as the offered tone around the dollar remains unabated.

Mixed results from April’s manufacturing PMI have done little to change the sentiment, while the focus of attention remains on the speech by Draghi and releases in the US docket.

EUR/USD levels to watch

The pair is now up 0.29% at 1.1488 and a break above 1.1492 (2016 high May 2) would target 1.1496 (monthly high Oct.15 2015) and finally 1.1713 (high Aug.24 2015). On the flip side, the immediate support aligns at 1.1346 (20-day sma) followed by 1.1213 (low Apr.25) and then 1.1211 (55-day sma).


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