EUR/USD Clings to Modest Daily Gain
EUR/USD
is going through a consolidation phase on Monday, having moved slightly
off from Friday’s lows, but with the upside capped by the 1.1340 zone.
The dollar was weighed by poor data results, as both the NY Empire State
index and the NAHB index coming in below initial estimates. EUR/USD
reached a daily peak of 1.1342 before finding resistance and retreating
slightly. At time of writing, the pair was trading at 1.1320, still up
0.09% on the day.
Main focus however, remains on Federal Reserve minutes to be published
on Friday, as investors search for clues about a possible rate hike in
the upcoming meeting.
EUR/USD levels to watch
As for technical levels, immediate resistances line up at 1.1379 (May 13
high), 1.1397 (10-day SMA) and 1.1445 (May 11 high). On the flip side,
next supports at 1.1282 (May 13 low), 1.1255 (Apr 26 low) and 1.1214
(Apr 25 low).
