EUR/USD Looks for Direction Near 1.1300

EUR/USD Looks for Direction Near 1.1300

16 May 2016, 08:32
Roberto Jacobs

EUR/USD Looks for Direction Near 1.1300

The single currency is alternating gains with losses vs. the dollar on Monday, now taking EUR/USD to the low-1.1300s.

EUR/USD supported near 1.1280

Spot has regained the 1.1300 handle after briefly dipping to the 1.1280 region last Friday, following a continuation of the solid demand for the greenback. Empty calendar in Euroland today plus the inactivity in German markets will likely leave all the attention to the risk appetite trends and the US docket, where the NAHB index, TIC Flows and the NY Empire State gauge are all due later.

In the meantime, the pair seems to have found some decent support in the 1.1280/1.1300 band, attempting to consolidate the drop from recent lows above the 1.1600 handle in early May.

EUR/USD levels to watch

The pair is now advancing 0.01% at 1.1314 and a break above 1.1448 (high May 11) would target 1.1615 (2016 high May 3) en route to 1.1713 (high Aug.24 2015). On the other hand, the immediate support lines up at 1.1281 (low May 13) followed by 1.1213 (low Apr.25) and finally 1.1142 (low Mar.24).


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