EUR/USD Rejected from Highs, Erases Daily Gains

EUR/USD Rejected from Highs, Erases Daily Gains

31 May 2016, 18:15
Roberto Jacobs
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EUR/USD Rejected from Highs, Erases Daily Gains

EUR/USD stretched to fresh daily highs during the American session but was capped by the 100-day SMA and pulled back sharply, with GBP/USD slump dragging down the pair.

EUR/USD was rejected from a high of 1.1173 and dropped nearly half a cent to a session low of 1.1124 in recent dealings. It was last trading around 1.1135, virtually unchanged on the day.

The pair has remained range bound over the last sessions as investors await ECB meeting on Thursday and US NFP on Friday to determine EUR/USD longer-term fate.

EUR/USD levels to watch

As for technical levels, next resistances could be found at 1.1174 (100-day SMA), 1.1200 (May 27 high/psychological level) and 1.1242 (May 23 high). On the flip side, supports are seen at  1.1097 (May 30 low),  1.1057 (Mar 16 low) and 1.1024 (Mar 7 low).


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