EUR/USD Keeps Highs Near 1.1340

EUR/USD Keeps Highs Near 1.1340

16 May 2016, 17:36
Roberto Jacobs

EUR/USD Keeps Highs Near 1.1340

The upside momentum around the shared currency remains unchanged today, with EUR/USD now testing fresh daily highs in the 1.1340 area.

EUR/USD bid albeit unconvincing

Spot continues to trade on a firm note at the beginning of the week, recovering ground since recent lows in the 1.1280 region although the up move seems somewhat unconvincing for the time being.

Poor results from today’s US docket, with both the NY Empire State index and the NAHB index coming in below initial estimates, have removed tailwinds from the USD rally, propping up the upside.

EUR/USD levels to watch

The pair is now advancing 0.18% at 1.1333 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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