EUR/USD Off Lows, Near 1.1380

EUR/USD Off Lows, Near 1.1380

10 May 2016, 13:18
Roberto Jacobs

EUR/USD Off Lows, Near 1.1380

The shared currency has managed to bounce off session lows vs. the greenback near 1.1370, with EUR/USD now approaching the 1.1380/85 band.

EUR/USD weaker on USD bids

A bout of fresh USD bids has dragged spot to test fresh daily troughs in the 1.1370 area on Tuesday, although sellers failed to extend the decline further. The rally in USD remains unchanged for the time being, advancing to fresh multi-day tops when gauged by the US Dollar Index.

In the data space, NFIB’s Business Optimism index has come in on the strong side, surpassing expectations for the month of April. Next on tap will be JOLTs Job Openings followed by the weekly report on crude stockpiles by the API.

EUR/USD levels to watch

The pair is now up 0.02% at 1.1383 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).


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