5 May 2014
EUR/USD makes marginal new high ahead of US data
FXStreet (Córdoba) - The EUR/USD is pressuring higher early American session ahead of the release of the US services PMIs.
The EUR/USD rose to make a marginal new high for the day at 1.3885 although it remains in a broader phase of consolidation following Friday’s swings. At time of writing, the EUR/USD is trading at 1.3880, little changed on the day.
Coming up during the New York session, Markit US services PMI (13:45 GMT) is seen rising to 54.2 in April from 55.3 the previous month. Meanwhile, the ISM non-manufacturing PMI (14:00 GMT) is seen rising to 54.1 in April from 53.1 printed in March. Data could give the EUR/USD short-term direction but ahead of the ECB meeting Thursday and with tensions growing in Ukraine, traders might as well stay sidelined.
EUR/USD technical levels
In terms of technical levels, immediate resistances for EUR/USD line up at 1.3885/88 (May 5 & 1 highs), 1.3904 (Apr 11 high) and 1.3933 (Mart 19 high). On the other hand, supports could be found at 1.3863 (May 5 low), 1.3811 (May 2 low) and 1.3777 (Apr 30 low).
The EUR/USD rose to make a marginal new high for the day at 1.3885 although it remains in a broader phase of consolidation following Friday’s swings. At time of writing, the EUR/USD is trading at 1.3880, little changed on the day.
Coming up during the New York session, Markit US services PMI (13:45 GMT) is seen rising to 54.2 in April from 55.3 the previous month. Meanwhile, the ISM non-manufacturing PMI (14:00 GMT) is seen rising to 54.1 in April from 53.1 printed in March. Data could give the EUR/USD short-term direction but ahead of the ECB meeting Thursday and with tensions growing in Ukraine, traders might as well stay sidelined.
EUR/USD technical levels
In terms of technical levels, immediate resistances for EUR/USD line up at 1.3885/88 (May 5 & 1 highs), 1.3904 (Apr 11 high) and 1.3933 (Mart 19 high). On the other hand, supports could be found at 1.3863 (May 5 low), 1.3811 (May 2 low) and 1.3777 (Apr 30 low).