EUR/USD Attempts to Regain 1.1200 after Fresh Lows

EUR/USD Attempts to Regain 1.1200 after Fresh Lows

19 May 2016, 16:04
Roberto Jacobs
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EUR/USD Attempts to Regain 1.1200 after Fresh Lows

EUR/USD stretched to fresh 7-week lows sub-1.1200 at the beginning of the New York session amid a stronger greenback on the back of hawkish FOMC minutes published the previous day. Not even a series of disappointing US data hurt the dollar, with EUR/USD only recovering a few pips on the news.

EUR/USD bottomed out at 1.1179, marking its lowest level since March 29, but managed to bounce slightly toward the 1.1200 zone most recently. At time of writing, the pair was trading at 1.1198, still 0.14% down on the day.

On the data front, US jobless claims rose to 278K in the week ended May 13, above 275K expected while the Philly Fed Manufacturing index printed -1.8 in May, far below the +3.5 expected.

EUR/USD levels to watch

In terms of technical levels, immediate supports are seen at 1.1149 (100-day SMA), 1.1100 (200-day SMA/psychological level) and 1.1057 (Mar 16 low). On the flip side, resistances line up at 1.1230 (May 19 high), 1.1315 (50-day SMA/May 18 high) and 1.1356 (20-day SMA).


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