EUR/USD hits fresh highs but fails to sustain above 1.1400

EUR/USD climbed to fresh daily highs during the American session, but the euro failed to sustain and retreated back to square one over the last hours.

EUR/USD reached a peak of 1.1406 but quickly lost steam and pulled back, with the 1.1375 zone containing the downside. At time of writing, the pair is trading at 1.1382, virtually unchanged on the day.

In the absence of data and events, EUR/USD has spent most of the day sideways near it recent lows. The pair found support earlier at the 20-day SMA and is now struggling to eke out gains after five consecutive days of losses.

EUR/USD technical levels

In terms of technical levels, immediate supports are seen at 1.1358 (20-day SMA/May 10 low), 1.1297 (Apr 29 low) and 1.1271 (50-day SMA). On the other hand, resistances line up at 1.1419 (May 9 high/10-day SMA), 1.1478 (May 6 high) and 1.1529 (May 4 high).