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EUR/USD pierces 1.3000

FXstreet.com (Barcelona) - Selling pressure in the shared currency is dragging the cross to test the 1.3000 handle on Monday, printing fresh intraday lows against the buck.

In the opinion of Sebatien Galy, Strategist at Societe Generale, “The USD and to a lesser extent the EUR had gained from an unwind of long EM position. Better PMIs in Europe are mainly helping its satellites (NOK, SEK) suggesting that we remain in a sell on rallies in EUR/USD (and EUR/JPY). European satellites from GBP to NOK and SEK are likely to continue outperforming EUR as they would benefit from further ECB easing or promises of easing this week”.

At the moment, the pair is up 0.01% at 1.2996 and a surpass of 1.3062 (high May 30) would target 1.3072 (61.8% of 1.3243-1.2796) en route to 1.3110 (MA100d). On the flip side, support levels align at 1.2944 (low May 31) ahead of 1.2939 (MA10d) and finally 1.2934 (low May 30).

Session Recap: USD softer, USD/JPY threatens 100.00

The US dollar trades broadly lower on Monday. The euro rose against the dollar after Eurozone and German manufacturing activity beat expectations, although it has surrendered most gains into the American opening.
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