29 Apr 2016
EUR/USD eyeing highest weekly close since May 2015
The EUR/USD pair added some more weight above 1.1400 handle and rising to session high of 1.1446 on disappointing US economic data.
According to the data released by Commerce Department, US core personal consumption expenditures (PCE) price index rose by a modest 0.1% in March, while personal spending increased by 0.1%, slower than recorded in the previous month and expected 0.2%. The Chicago PMI surprisingly fell well below expectations to 50.4 in April from 53.6 in March and the UoM Consumer Sentiment index for April was also revised lower to 89.0 as against the preliminary reading of 89.7.
Immediately after the releases, the EUR/USD pair witnessed a sharp up-tick and has now moved closer to monthly high level of 1.1465. A weekly close above 1.1400 would mark its highest weekly close since May 2015.
Technical levels to watch
Bulls would now be immediately aiming for April 12 high, which if cleared sets the stage for test of Oct. 2015 high level of 1.1492.
On the downside, 1.1415-1.1400 handle should now protect immediate downside and any further slide below this immediate support is likely to get bought into, thus limiting the fall at 1.1375-70 area.
According to the data released by Commerce Department, US core personal consumption expenditures (PCE) price index rose by a modest 0.1% in March, while personal spending increased by 0.1%, slower than recorded in the previous month and expected 0.2%. The Chicago PMI surprisingly fell well below expectations to 50.4 in April from 53.6 in March and the UoM Consumer Sentiment index for April was also revised lower to 89.0 as against the preliminary reading of 89.7.
Immediately after the releases, the EUR/USD pair witnessed a sharp up-tick and has now moved closer to monthly high level of 1.1465. A weekly close above 1.1400 would mark its highest weekly close since May 2015.
Technical levels to watch
Bulls would now be immediately aiming for April 12 high, which if cleared sets the stage for test of Oct. 2015 high level of 1.1492.
On the downside, 1.1415-1.1400 handle should now protect immediate downside and any further slide below this immediate support is likely to get bought into, thus limiting the fall at 1.1375-70 area.