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EUR/USD in highs above 1.2880

FXstreet.com (Barcelona) - Better-than-expected PMI data from Germany and the EMU are propping up the intraday upside in the cross, reaching the area of 1.2885/90 so far.

The market ignored the poor results from the Italian retail sales and focused instead on the more relevant PMI prints. Adding to the upbeat data, Strategist Alvin Pontoh at TD Securities commented, “The May PMIs should point to an improving trend, and better prospects for growth into H2”. However, market participants remain cautious after yesterday testimony by Fed’s Bernanke and the likeliness of the Fed tapering its QE programme at some point in the upcoming meetings.

The pair is now advancing 0.15% at 1.2879 and a break above 1.3011 (MA21d) would aim for 1.3030 (high May 14) and then 1.3051 (high May 10).
On the flip side, support levels are located at 1.2809 (low May 20) followed by 1.2796 (low May 17) and finally 1.2754 (weekly cloud base).

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