EUR/USD Peaks Above 1.1500 and Retreats
EUR/USD retreated from fresh 8-month highs and it is hovering around the
1.1500 level despite data showed US manufacturing sector expanded less
than expected in April.
EUR/USD peaked at 1.1534 at the beginning
of the American session but failed to hold above the 1.15 mark and gave
up some gains. At time of writing, the pair was trading at 1.1495,
still recording a 0.47% gain on Monday.
On the data front, ISM
manufacturing PMI fell to 50.8 in April, down from 51.8 the previous
month and below the 51.4 expected by analysts. However, a reading above
the 50.0 threshold still denotes expansion in the sector.
EUR/USD levels to watch
In
terms of technical levels, immediate resistances are seen at 1.1534
(May 2 high), 1.1560 (Aug 26 2015 high) and 1.1620 (Aug 25 2015 high).
On the other hand, supports could be found at 1.1447 (May 2 low),
1.1346/41 (Apr 29 low/20-day SMA) and 1.1297 (Apr 28 low).
