EUR/USD finds support above 1.0520, recovery limited

Matías Salord FXStreet

The euro was bale to hold above last week lows against the US dollar, but it remained under pressure despite the fact that the greenback pulled back in the market.

EUR/USD bottomed at 1.0525, hitting the lowest level since last Wednesday. Then, after the release of the US PMI manufacturing report, that showed lower-than-expected numbers, it rose to 1.0549 and now is trading at 1.0535/40, 75 pips below yesterday’s closing price.

The euro remains weak across the board. While most currencies trimmed losses against the US dollar, EUR/USD remains near the lows of the day. The pair is headed toward the lowest daily close since early January.

Technical levels

To the upside, resistance levels might be seen at 1.0550 (American session high), 1.0575 (Asian session low), 1.0615 (daily high). On the flip side, support could be located at 1.0520/25 (Feb 15 & 21 low), 1.0500 (psychological) and 1.0480.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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