EUR/USD Stages Short-Lived Bounce Attempt, Turns Back South
EUR/USD Stages Short-Lived Bounce Attempt, Turns Back South
EUR/USD
has fallen to fresh monthly lows on Wednesday amid a stronger US
dollar, as investors digest yesterday’s strong US CPI and hawkish
comments from Fed members.
EUR/USD fell to a low of 1.1255 and even though the pair staged a mild
bounce during the European trade, it was short-lived as the 1.1290 zone
offered resistance. EUR/USD turned back south and it was last trading
around 1.1265, recording a 0.41% loss on the day.
Main attention remains on FOMC meeting minutes to be released at 18:00
GMT as investors wonder whether the Fed is ready to raise rates further
as soon as next month or not.
EUR/USD technical levels
As for technical levels, immediate supports are seen at 1.1274 (May 18
low), 1.1255 (Apr 26 low) and 1.1214 (Apr 25 low). On the other hand,
resistances could be found at 1.1315 (50-day SMA/May 18 high), 1.1364
(10-day SMA) and 1.1379 (May 13 high).
