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EUR/USD indifferent after EMU data

FXstreet.com (Barcelona) - The bloc currency kept the 1.2965/70 region on Thursday after sentiment/confidence data from the EMU exceeded expectations during May.

Consumer Confidence in the euro area improved a little to -21.9 from -22.3 in the previous month while Economic Sentiment climbed to 89.4 vs. April’s 88.6. “. The euro has also derived support in the near-term from the stronger than expected rebound in German inflation to 1.5 % in May which modestly lowers the probability of another refi rate cut in
June”, suggested Lee Hardman, Currency Analyst at BTMU.

EUR/USD is now advancing 0.22% at 1.2970 with the immediate resistance at 1.2998 (high May 22) followed by 1.3030 (high May 14) and finally 1.3051 (high May 10). On the flip side, a breakdown of 1.2838 (low May 29) would then target 1.2921 (low May 23) and then 1.2809 (low May 20).

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