EUR/USD Back on the Bids, Re-takes 1.1400
Fresh bids caught the EUR/USD pair
ahead of 20-DMA (1.1368) over the last hour, as the US dollar wiped-out
gains and turned in the red zone against its major peers amid a
data-quiet European session ahead.
EUR/USD bounces-off 1.1370
Currently,
EUR/USD trades 0.07% higher near fresh session highs of 1.1394, looking
to regain 1.14 barrier. The shared currency caught a fresh bid tone
versus the American dollar in the European session as the US dollar
retreated across the board, with markets now eagerly awaiting comments
from Fed official Dudley, as he is due to participate in a panel
discussion about the international monetary system, in Zurich.
Meanwhile,
the major appears to ignore mixed set of German data, including the
industrial production and trade balance data. Germany's foreign trade
generated a surplus of EUR26.0 billion in March, up from EUR20.2 billion
seen in Feb. While Germany’s industrial production declined by 1.3% in
March, against a predicted 0.2% decline following the previous 0.5%
contraction seen in February.
In the day ahead, the major will continue to track the broader market sentiment ahead of the US JOLTS jobs openings data.
EUR/USD Technical Levels
In
terms of technicals, the pair finds the immediate resistance at
1.1437/39 (1h 200-SMA/ 10-DMA). A break beyond the last, doors will open
for a test of 1.1467/79 (20-DMA/ May 6 High). On the flip side, the
immediate support is placed at 1.1350/33 (psychological levels/ Apr 29
Low) below which at 1.1300/1.1298 (round number/ 50-DMA) could be
tested.
