EUR/USD Resumes the Slide, Hits Fresh Daily Lows

EUR/USD Resumes the Slide, Hits Fresh Daily Lows

12 May 2016, 19:23
Roberto Jacobs
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EUR/USD Resumes the Slide, Hits Fresh Daily Lows

The US dollar is recovering ground, especially against European currencies, following a short-lived setback in the wake of disappointing US data.

EUR/USD made a bounce attempt at the beginning of the New York session, but it failed to sustain above the 1.14 level and turned south, falling all the way to a fresh daily low of 1.1371 in recent dealings. At time of writing, the pair is trading at 1.1375, 0.44% lower on the day.

EUR/USD technical levels

In terms of technical levels, immediate supports are seen at 1.1365 (20-day SMA), 1.1297 (Apr 29 low) and 1.1290 (50-day SMA). On the other hand, resistances line up at 1.1445 (May 11 high), 1.1478 (May 6 high) and 1.1529 (May 4 high).


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