EUR/USD keeps tops in the 1.0920 region
|The single currency stays in the upper end of the weekly range vs. the buck, with EUR/USD hovering over the 1.0920 region for the time being.
EUR/USD firm on USD-weakness
The selling pressure around the greenback stays far from abated during the first half of the week, with the US Dollar Index still unable to break above the critical 99.00 barrier on a more sustainable fashion.
With the ECB meeting already in the rear-view mirror, market participants will now shift their attention to tomorrow’s FOMC meeting, where the Committee is expected to deliver a dovish message. However, the debate around the timing of the reduction of the Fed’s balance sheet could lend fresh oxygen to the buck, putting the pair’s rally to the test.
Data wise in Euroland, final PMI prints for the month of April passed unnoticed among traders, while further data showed the unemployment rate in the euro bloc ticking higher to 9.5% during March, missing consensus.
EUR/USD levels to watch
At the moment, the pair is gaining 0.19% at 1.0919 and a break above 1.0926 (high May 2) would target 1.0949 (high Apr.28) en route to 1.0951 (2017 high Apr.25/26). On the flip side, the immediate support is located at 1.0850 (low Apr.27) seconded by 1.0835 (200-day sma) and finally 1.0805 (23.6% Fibo of the April rally).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.