EUR/USD Holds Onto Daily Gains
EUR/USD hovers near session highs as the dollar maintains the soft tone at the beginning of the New York session.
The
euro shrugged off disappointing German IFO data while the greenback
remains on the defensive as investors attention turns to Wednesday's Fed
decision. Later on the day, the US docket includes March new home sales
data.
EUR/USD advanced to a daily peak of 1.1267, extending a
recovery from 1-month lows, but found resistance at the 50-hour SMA and
pulled back slightly. At time of writing, the pair is trading at 1.1252,
still 0.2% up on the day.
EUR/USD technical levels
As
for technical levels, immediate resistances could be found at 1.1266
(Apr 25 high), 1.1308 (Apr 22 high) and 1.1334 (20-day SMA). On the
other hand, supports are seen at 1.1214 (Apr 25 low), 1.1185 (50-day
SMA) and 1.1144 (Mar 24 low).
