9 May 2016
EUR/USD offered at hourly 50-SMA, slips back below 1.1400
The EUR/USD pair is seen reversing its slide to 1.1380 region and now attempts to extend recovery above 1.14 handle, but in vain, as the US dollar remains broadly higher amid increased appetite for risk currencies.
EUR/USD fails to resist above 1.1400
Currently, EUR/USD trades -0.11% lower at 1.1391, finding stiff resistance around 1.1405 levels. The main currency came under renewed selling pressure after the rate hit the hourly 50-SMA upside barrier located at 1.1407, while improving risk sentiment backed by higher oil and stocks, also weighed down on the safe-haven demand for the euro.
Moreover, markets ignored upbeat German factory orders and Euro zone Sentix index, as focus remains on the prevalent risk sentiment and its impact on the risk currency US dollar. The German factory orders rose 1.9% m/m in March, against a 0.6% increase expected. While the Euro zone Sentix index came in at 6.2 in the reported month versus 6.1 expected.
Later today, amid a data-quiet NA session, focus will remain on the US labour market conditions report, which will provide fresh insights on the strength of the US employment sector.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.1430/38 (1h 200-SMA/ 10-DMA). A break beyond the last, doors will open for a test of 1.1465/79 (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 1.1300/1.1290 (round number/ 50-DMA) could be tested.
EUR/USD fails to resist above 1.1400
Currently, EUR/USD trades -0.11% lower at 1.1391, finding stiff resistance around 1.1405 levels. The main currency came under renewed selling pressure after the rate hit the hourly 50-SMA upside barrier located at 1.1407, while improving risk sentiment backed by higher oil and stocks, also weighed down on the safe-haven demand for the euro.
Moreover, markets ignored upbeat German factory orders and Euro zone Sentix index, as focus remains on the prevalent risk sentiment and its impact on the risk currency US dollar. The German factory orders rose 1.9% m/m in March, against a 0.6% increase expected. While the Euro zone Sentix index came in at 6.2 in the reported month versus 6.1 expected.
Later today, amid a data-quiet NA session, focus will remain on the US labour market conditions report, which will provide fresh insights on the strength of the US employment sector.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.1430/38 (1h 200-SMA/ 10-DMA). A break beyond the last, doors will open for a test of 1.1465/79 (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 1.1300/1.1290 (round number/ 50-DMA) could be tested.