3 May 2016
EUR/USD retraces daily gains but holds near 8-month highs
EUR/USD has retraced some of its early gains as the greenback managed to pare losses against major rivals over the last hours.
EUR/USD reached a fresh 8-month high of 1.1615 during the European session, but the advance stalled a few pips ahead of the 100-week SMA (1.1639). EUR/USD slid back below the 1.16 mark and it was last trading at 1.1558, recording a 0.23% gain on Tuesday.
There is no first-tier data scheduled for the New York session, but data releases in the US include: IBD/TIPP Optimism index and Total Car Sales.
EUR/USD technical levels
As for technical levels, immediate resistances are seen at 1.1620 (Aug 25 2015 high), 1.1639 (100-week SMA) and 1.1712 (Aug 24 2015 high). On the other hand, supports could be found at 1.1520 (May 3 low), 1.1447 (May 2 low) and 1.1351/46 (20-day SMA/Apr 29 low).
EUR/USD reached a fresh 8-month high of 1.1615 during the European session, but the advance stalled a few pips ahead of the 100-week SMA (1.1639). EUR/USD slid back below the 1.16 mark and it was last trading at 1.1558, recording a 0.23% gain on Tuesday.
There is no first-tier data scheduled for the New York session, but data releases in the US include: IBD/TIPP Optimism index and Total Car Sales.
EUR/USD technical levels
As for technical levels, immediate resistances are seen at 1.1620 (Aug 25 2015 high), 1.1639 (100-week SMA) and 1.1712 (Aug 24 2015 high). On the other hand, supports could be found at 1.1520 (May 3 low), 1.1447 (May 2 low) and 1.1351/46 (20-day SMA/Apr 29 low).