EUR/USD Back Below 1.1500

EUR/USD Back Below 1.1500

4 May 2016, 17:38
Roberto Jacobs

EUR/USD Back Below 1.1500

EUR/USD failed to sustain intraday gains and slid back below the 1.1500 level as the advance triggered by disappointing ADP data quickly faded.

EUR/USD retreated more than 100 pips from an 8-month high of 1.1615 over the last sessions, but found support at the 100-hour SMA in recent dealings With the downside contained by 1.1465, the pair was last trading around 1.1490, virtually unchanged on Wednesday.

On the data front, ADP reported US private sector created 156K new jobs in April, below the 196K expected, while on the other hand ISM Non-manufacturing, Makit’s Services PMI and Trade Balance all surpassed expectations.

EUR/USD levels to watch

In terms of technical levels, immediate supports could be found at 1.1465 (100-hour SMA), 1.1447 (May 2 low), 1.1354/46 (20-day SMA/Apr 29 low) and 1.1297 (Apr 29 low). On the flip side, resistances line up at 1.1615/20 (May 2 & Aug 25 2015 highs), 1.1638 (100-week SMA) and 1.1712 (Aug 24 2015 high).


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