EUR/USD Peaks Above 1.1500 and Retreats

EUR/USD Peaks Above 1.1500 and Retreats

2 May 2016, 17:42
Roberto Jacobs

EUR/USD Peaks Above 1.1500 and Retreats

EUR/USD retreated from fresh 8-month highs and it is hovering around the 1.1500 level despite data showed US manufacturing sector expanded less than expected in April.

EUR/USD peaked at 1.1534 at the beginning of the American session but failed to hold above the 1.15 mark and gave up some gains. At time of writing, the pair was trading at 1.1495, still recording a 0.47% gain on Monday.

On the data front, ISM manufacturing PMI fell to 50.8 in April, down from 51.8 the previous month and below the 51.4 expected by analysts. However, a reading above the 50.0 threshold still denotes expansion in the sector.

EUR/USD levels to watch

In terms of technical levels, immediate resistances are seen at 1.1534 (May 2 high), 1.1560 (Aug 26 2015 high) and 1.1620 (Aug 25 2015 high). On the other hand, supports could be found at 1.1447 (May 2 low), 1.1346/41 (Apr 29 low/20-day SMA) and 1.1297 (Apr 28 low).


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