EUR/USD Attempts to Consolidate Above 1.1400
EUR/USD is
staging a mild recovery on Wednesday, having reversed completely
previous day’s losses, amid a weaker greenback across the board.
In
the absence of first-tier data or events, the nature of the moves are
mostly consolidative, with EUR/USD trading slightly higher within
yesterday’s range as the dollar corrects lower following steep gains.
EUR/USD
has managed to climb to a daily high of 1.1405 so far and it was last
trading at 1.14000, up 0.25% on the day. EUR/USD has fallen for six
consecutive days ever since peaking at 1.1615.
EUR/USD technical levels
In
terms of technical levels, immediate resistances line up at 1.1426
(10-day SMA), 1.1478 (May 6 high) and 1.1529 (May 4 high). On the flip
side, supports are seen at 1.1358 (20-day SMA/May 10 low), 1.1297 (Apr
29 low) and 1.1281 (50-day SMA).
