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Flash: The outlook is bearish for EURUSD

FXstreet.com (London) - Analysts at Commerzbank have said that a retest of support at 1.2821/1.2796 is likely, this guards the 1.2740 April low and the 1.2679/61 long term Fibo.

They have sighted key short term resistance as being along the resistance line drawn from the February peak which is located at 1.3073. Above here would neutralise their immediate view but only an unexpected rise above the 1.3243 May high would negate their bearish outlook.

US: Chicago Purchasing Managers Index rises to 58.7 in May

The MNI Deutche Börse Group informed today that the Chicago Purchasing Managers Index increased to 58.7 in May, from 49 in April, exceeding expectations for a slight rise to 50.
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USD/CAD finds resistance at 1.0380

The US dollar bounced from the 1.0300 area and rose sharply to fresh daily highs against the loonie, propelled by strong Chicago PMI and consumer sentiment data.
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