21 May 2015
EUR/USD clings to mild gains above 1.1100
FXStreet (Córdoba) - EUR/USD has barely moved during the afternoon session in New York and continues to cling to mild daily gains above the 1.1100 level, following a 3-day losing streak.
EUR/USD advanced to a high of 1.1180 supported by Eurozone data, but failed to sustain gains and pulled back despite weak results from US data, with jobless claims, existing Home Sales, Markit’s PMI and the manufacturing survey by the Philly Fed all missing expectations.
US CPI in focus
In the absence of news from Greece and with the FOMC minutes behind, attention turns to the US inflation figures due tomorrow. The Fed minutes showed although a June hike was “unlikely” the liftoff may occur at any meeting. The timing will be data dependent, with employment and inflation as the key indicators to watch.
EUR/USD levels to watch
At time of writing, EUR/USD is trading at the 1.1120 zone, 0.25% above its opening price. On the downside, immediate supports are seen at 1.1061 (May 20 low), 1.0990 (50% retracement of 1.0520 - 1.1466) and 1.0935 (50-day SMA). On the upside, resistances could be found at 1.1180/84 (daily high/20-day SMA), 1.1200 (psychological level) and 1.1245 (10-day SMA).
EUR/USD advanced to a high of 1.1180 supported by Eurozone data, but failed to sustain gains and pulled back despite weak results from US data, with jobless claims, existing Home Sales, Markit’s PMI and the manufacturing survey by the Philly Fed all missing expectations.
US CPI in focus
In the absence of news from Greece and with the FOMC minutes behind, attention turns to the US inflation figures due tomorrow. The Fed minutes showed although a June hike was “unlikely” the liftoff may occur at any meeting. The timing will be data dependent, with employment and inflation as the key indicators to watch.
EUR/USD levels to watch
At time of writing, EUR/USD is trading at the 1.1120 zone, 0.25% above its opening price. On the downside, immediate supports are seen at 1.1061 (May 20 low), 1.0990 (50% retracement of 1.0520 - 1.1466) and 1.0935 (50-day SMA). On the upside, resistances could be found at 1.1180/84 (daily high/20-day SMA), 1.1200 (psychological level) and 1.1245 (10-day SMA).