EUR/USD snaps 6-day losing streak

EUR/USD managed to post a daily gain on Wednesday, as the euro was supported by the negative sentiment, while the USD staged a corrective movement across the board.

EUR/USD retreated slightly from a 5-day peak of 1.1446, and it is about to close the day around 1.1425, 0.47% above its opening price. Today’s result, puts an end to its 6-day losing streak, that started after hitting an 8-month high of 1.1615 last week.

EUR/USD levels to watch

As for technical levels, immediate resistances are seen at 1.1478 (May 6 high) and 1.1529 (May 4 high). On the flip side, supports could be found at 1.1358 (20-day SMA/May 10 low), 1.1297 (Apr 29 low) and 1.1282 (50-day SMA).