EUR/USD Technical Analysis: Euro trades near 5-day highs ahead of Fed and ISM Manufacturing PMI

EUR/USD daily chart

• EUR/USD is trading in a bear trend below its main simple moving average (SMAs).
• EUR/USD is in a correction up from the 1.1100 level. 
• Investors will closely be watching the US ISM Manufacturing PMI for April at 14:00 GMT followed by the much more important Federal Reserve Monetary Policy Statement at 18:00 GMT.

EUR/USD 4-hour chart

• EUR/USD is challenging the 1.1240 resistance and the 100 SMA. 

EUR/USD 30-minute chart

• EUR/USD is retreating slightly below 1.1230 as it  trades above its main SMAs suggesting bullish momentum in the short-term.
• The next key resistance to the upside is seen at the 1.1270 price level.
• Alternatively, a breach below 1.1200 can lead to a decline towards 1.1170 and 1.1140 level.

Additional key levels