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EUR/USD hits fresh lows after Chicago PMI, confidence data

FXstreet.com (Córdoba) - The euro fell to fresh daily lows versus the greenback as the latter strengthened further in the wake of better-than-expected Chicago PMI and consumer confidence data.

Following a bounce attempt that was capped by the 1.3015 area, EUR/USD resumed its daily fall and dropped to a low of 1.2962 in recent dealings. The pair is currently trading at the 1.2970 zone, where it posts a 0.6% loss on the day.

If EUR/USD breaks below 1.2960, next support levels are seen at 1.2935 (May 30 low) and 1.2900 (psychological level). On the other hand, resistances could be found at 1.3020 (200-day SMA) and 1.3060 (daily high).

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Brown Brothers Harriman analysts note that the markets were given another harsh reminder of the gap that still exists in economic fundamentals between the US and the euro zone.
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GBP/USD much lower to find support 1.5150/60

The Chicago Purchasing Managers Index released printed 58.7% against consensus 50.0% and 49.0%. The more important number, the Reuters/Michigan Consumer Sentiment Index, that was released afterwards came in better as well, 84.5% against consensus 83.7% and previous 76.4%
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