EUR/USD Back on the Bids, Re-takes 1.1400

EUR/USD Back on the Bids, Re-takes 1.1400

10 May 2016, 09:11
Roberto Jacobs
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EUR/USD Back on the Bids, Re-takes 1.1400

Fresh bids caught the EUR/USD pair ahead of 20-DMA (1.1368) over the last hour, as the US dollar wiped-out gains and turned in the red zone against its major peers amid a data-quiet European session ahead.

EUR/USD bounces-off 1.1370

Currently, EUR/USD trades 0.07% higher near fresh session highs of 1.1394, looking to regain 1.14 barrier. The shared currency caught a fresh bid tone versus the American dollar in the European session as the US dollar retreated across the board, with markets now eagerly awaiting comments from Fed official Dudley, as he is due to participate in a panel discussion about the international monetary system, in Zurich.

Meanwhile, the major appears to ignore mixed set of German data, including the industrial production and trade balance data. Germany's foreign trade generated a surplus of EUR26.0 billion in March, up from EUR20.2 billion seen in Feb. While Germany’s industrial production declined by 1.3% in March, against a predicted 0.2% decline following the previous 0.5% contraction seen in February.

In the day ahead, the major will continue to track the broader market sentiment ahead of the US JOLTS jobs openings data.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance at 1.1437/39 (1h 200-SMA/ 10-DMA). A break beyond the last, doors will open for a test of 1.1467/79 (20-DMA/ May 6 High). On the flip side, the immediate support is placed at 1.1350/33 (psychological levels/ Apr 29 Low) below which at 1.1300/1.1298 (round number/ 50-DMA) could be tested.


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