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Jun 3, 2013
EUR/USD aims for 1.3050 on better EMU PMI
FXstreet.com (Barcelona) - The single currency keeps its march higher on Monday, after manufacturing PMI prints in the euro area improved during May.
In effect, PMI prints for the EMU and Germany rose to 48.3 and 49.4 vs. April’s readings at 47.8 and 48.1, respectively, boosting the euro against the buck. “Look for resistance to hold between 200dma (1.3035) and 100dma (1.3111) on the week pre-NFP on relative growth angle. Still see the next major break occurring on the downside (<1.28) but probably not this week given likely ECB steady hand on Thu”, assessed Sean Callow, Strategist at Westpac.
At the moment, the pair is up 0.29% at 1.3032 with the next resistance at 1.3062 (high May 30) followed by 1.3072 (61.8% of 1.3243-1.2796) and finally 1.3110 (MA100d). On the flip side, a breakdown of 1.2944 (low May 31) would bring 1.2939 (MA10d) ahead of 1.2934 (low May 30).
In effect, PMI prints for the EMU and Germany rose to 48.3 and 49.4 vs. April’s readings at 47.8 and 48.1, respectively, boosting the euro against the buck. “Look for resistance to hold between 200dma (1.3035) and 100dma (1.3111) on the week pre-NFP on relative growth angle. Still see the next major break occurring on the downside (<1.28) but probably not this week given likely ECB steady hand on Thu”, assessed Sean Callow, Strategist at Westpac.
At the moment, the pair is up 0.29% at 1.3032 with the next resistance at 1.3062 (high May 30) followed by 1.3072 (61.8% of 1.3243-1.2796) and finally 1.3110 (MA100d). On the flip side, a breakdown of 1.2944 (low May 31) would bring 1.2939 (MA10d) ahead of 1.2934 (low May 30).