3 May 2016
EUR/USD deepens correction, falls to test 1.1500
The US dollar has staged a strong comeback over the last hours, dragging EUR/USD more than a full cent down to fresh daily lows.
EUR/USD turned south after hitting a fresh 8-month high of 1.1615, dropping over a hundred pips to hit a low of 1.1502, where the 50-hour SMA offered support. EUR/USD has completely retraced intraday gains and is currently trading around 1.1510, 0.26% below its opening price.
EUR/USD technical levels
As for technical levels, immediate supports could be found at 1.1447 (May 2 low),1.1351/46 (20-day SMA/Apr 29 low) and 1.1297 (Apr 29 low). On the flip side, resistances are seen at 1.1620 (Aug 25 2015 high), 1.1639 (100-week SMA) and 1.1712 (Aug 24 2015 high).
EUR/USD turned south after hitting a fresh 8-month high of 1.1615, dropping over a hundred pips to hit a low of 1.1502, where the 50-hour SMA offered support. EUR/USD has completely retraced intraday gains and is currently trading around 1.1510, 0.26% below its opening price.
EUR/USD technical levels
As for technical levels, immediate supports could be found at 1.1447 (May 2 low),1.1351/46 (20-day SMA/Apr 29 low) and 1.1297 (Apr 29 low). On the flip side, resistances are seen at 1.1620 (Aug 25 2015 high), 1.1639 (100-week SMA) and 1.1712 (Aug 24 2015 high).