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15 May 2015
EUR/USD erases losses after US confidence data
FXStreet (Córdoba) - EUR/USD bounced from daily lows and moved toward the 1.1400 zone as the greenback surrendered intraday gains following another string of disappointing US data.
The Reuters/Michigan consumer confidence index fell to 88.6 in May according to a preliminary estimate, hitting a 7-month low, missing expectations of 96.0 and compared with a final April level of 95.9.
Confidence data added to the negative sentiment toward the greenback following below expectations figures from the industrial and manufacturing sectors.
EUR/USD rose more nearly 100 pips from a daily low of 1.1323 back above the 1.1400 level toward a fresh daily high of 1.1424. At time of writing, the pair is trading at 1.1415, virtually unchanged on the day.
EUR/USD levels to watch
On the upside, immediate resistance stands at 1.1444 (May 15 high) followed by 1.1485 (Feb 6 high) and 1.1500 (psychological level). On the downside, supports are seen at 1.1323 (daily low), 1.1202/00 (May 13 low/psychological level) and 1.1264 (200-hour SMA).
The Reuters/Michigan consumer confidence index fell to 88.6 in May according to a preliminary estimate, hitting a 7-month low, missing expectations of 96.0 and compared with a final April level of 95.9.
Confidence data added to the negative sentiment toward the greenback following below expectations figures from the industrial and manufacturing sectors.
EUR/USD rose more nearly 100 pips from a daily low of 1.1323 back above the 1.1400 level toward a fresh daily high of 1.1424. At time of writing, the pair is trading at 1.1415, virtually unchanged on the day.
EUR/USD levels to watch
On the upside, immediate resistance stands at 1.1444 (May 15 high) followed by 1.1485 (Feb 6 high) and 1.1500 (psychological level). On the downside, supports are seen at 1.1323 (daily low), 1.1202/00 (May 13 low/psychological level) and 1.1264 (200-hour SMA).