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Jun 3, 2013
EUR/USD eases to 1.3010/15
FXstreet.com (Barcelona) - The shared currency is now returning to the area of 1.3010/15 on Monday, after market participants digested the auspicious manufacturing PMI prints in May.
Buying interest in the greenback is drifting the pair lower after testing fresh intraday highs above the key 200-day moving average at 1.3030/35 early morning. In the wake of the final PMI print, Currency Analyst Lee Hardman at BTMU commented, “Stronger readings would help support the euro heading into this week ECB meeting where it remains a close call as to whether a second consecutive 0.25 point refi rate cut will be delivered”.
At the moment, the pair is up 0.12% at 1.3010 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).
Buying interest in the greenback is drifting the pair lower after testing fresh intraday highs above the key 200-day moving average at 1.3030/35 early morning. In the wake of the final PMI print, Currency Analyst Lee Hardman at BTMU commented, “Stronger readings would help support the euro heading into this week ECB meeting where it remains a close call as to whether a second consecutive 0.25 point refi rate cut will be delivered”.
At the moment, the pair is up 0.12% at 1.3010 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).