EUR/USD Turns Negative Near 1.1480 Amid Light Trading

EUR/USD Turns Negative Near 1.1480 Amid Light Trading

5 May 2016, 06:47
Roberto Jacobs

EUR/USD Turns Negative Near 1.1480 Amid Light Trading

The EUR/USD pair gradually extends to the downside during the mid-Asian trades, moving slightly away from 1.15 barrier, as sentiment remains mixed in Asia amid negative equities and a broadly muted US dollar.

EUR/USD capped below 1.1500

Currently, EUR/USD trades almost unchanged at fresh session lows of 1.1483, retreating from daily highs hit at 1.1494 earlier today. The main currency pair consolidates sharp declines witnessed over the past two trading session, and now meets fresh supply, taking the pair below hourly 100-SMA support located at 1.1486 levels.

The EUR/USD pair stalled its minor-pullback from NY lows just ahead of 1.15 mark and resumed the downside consolidation thereon, now awaiting fresh impetus amid low volumes and minimal volatility as most major European markets remain closed today in observance of Ascension Day.

Next of note for the major remains the US jobless claims and building permits data due later in the NY session, which may have limited impact on the prices, as the main market moving event for the buck this week is expected to be the US payrolls figures due for release on Friday.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance at 1.1500/10 (round number/ 1h 50-SMA). A break beyond the last, doors will open for a test of 1.1550/56 (psychological levels/ daily R2). On the flip side, the immediate support is placed at 1.1416/1.1392 (10-DMA) below which at 1.1355/50 (20-DMA) could be tested.


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