1 May 2015
EUR/USD turns lower after US data
FXStreet (Córdoba) - EUR/USD turned lower and fell sharply after the release of the latest series of US data, despite numbers came in on the soft side.
After hitting a 2-month peak of 1.1289, EUR/USD came under pressure and erased intraday gains, falling all the way back to 1.1215 zone before finding support. The pair was last trading at the 1.1220 zone, little changed on the day.
On the macro domain, the ISM manufacturing PMI was unchanged at 51.5 in April, versus 52.0 expected by analysts, while the Reuters/Michigan Consumer Sentiment Index rose to 95.9, slightly below the 96.0 of forecast.
Separated data showed construction spending dropped by 0.6% in March versus a rise of 0.5% expected while the Markit manufacturing PMI edged lower to 54.1 in April.
Nevertheless, the dollar picked up momentum across the board amid low liquidity given the Labour Day holiday in Europe.
EUR/USD levels to watch
As for technical levels, immediate supports are seen at 1.1199 (daily low) and 1.1070 (Apr 30 low). On the flip side, resistances could be found at 1.1289 (daily high), 1.1300 (psychological level/100-day SMA) and 1.1379 (Feb 26 high).
After hitting a 2-month peak of 1.1289, EUR/USD came under pressure and erased intraday gains, falling all the way back to 1.1215 zone before finding support. The pair was last trading at the 1.1220 zone, little changed on the day.
On the macro domain, the ISM manufacturing PMI was unchanged at 51.5 in April, versus 52.0 expected by analysts, while the Reuters/Michigan Consumer Sentiment Index rose to 95.9, slightly below the 96.0 of forecast.
Separated data showed construction spending dropped by 0.6% in March versus a rise of 0.5% expected while the Markit manufacturing PMI edged lower to 54.1 in April.
Nevertheless, the dollar picked up momentum across the board amid low liquidity given the Labour Day holiday in Europe.
EUR/USD levels to watch
As for technical levels, immediate supports are seen at 1.1199 (daily low) and 1.1070 (Apr 30 low). On the flip side, resistances could be found at 1.1289 (daily high), 1.1300 (psychological level/100-day SMA) and 1.1379 (Feb 26 high).