EUR/USD Fades the Spike to 1.1400
The shared currency is now eroding the recent advance to session tops near 1.1400 the figure vs. the dollar, with EUR/USD now returning to the 1.1385/80 band.
EUR/USD looking for catalysts
The
pair is extending its sideline theme around the 1.1400 handle for the
time being amidst lack of of relevant drivers and scarce volatility. In
the meantime, the upside in the greenback seems to have lost some vigour
during the European morning, although it remains in the upper end of
the recent range when tracked by the US Dollar Index.
In the data
space, German trade surplus has surpassed estimates in March, while
Industrial Production has contracted more than initially expected during
the same period.
Across the pond, US NFIB Business Optimism index is due followed by the API’s weekly report on US crude stockpiles.
EUR/USD levels to watch
The
pair is now up 0.04 at 1.1387 and a break above 1.1615 (2016 high May
3) would open the door to 1.1713 (high Aug.24 2015) and finally 1.2110
(2015 high Jan.2). On the other hand, the immediate support lines up at
1.1361 (20-day sma) followed by 1.1249 (55-day sma) and finally 1.1213
(low Apr.25).
