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Forex: EUR/USD retraces losses on EMU PMI Composite

FXstreet.com (Barcelona) - The EUR/USD fell from 1.3120 down to 1.3093 low ahead of the European opening only to bounce back to a flat daily candlestick as Markit PMI data got published.

April Services PMI figures are all out: Germany eased only from 50.9 to 49.6 (consensus of 49.2); France rose from 44.1 to 44.3 despite unchanged expectations; Italy beat consensus of 45.8 by jumping from 45.5 to 47.0; Spain dropped from 45.3 to 44.4 (consensus of 45.7). EMU Markit services PMI rose from 46.4 to 47.0, beating consensus of 46.6, and PMI Composite was expected to stay unchanged at 46.5 but improved to 46.9.

Spanish unemployment fell by -46.1K instead of rising 17.1K in April. Data follows a -5.0K drop in March.

“Two consecutive tests of 1.3035 support area have failed and the pair is caught in a range below 1.3150 resistance zone. While the mentioned resistance is intact, my outlook will be bearish, for a slide through 1.3030, en route to 1.2950 low”, wrote Deltastock.com analyst Stoyan Mihaylov.

EMU: Composite PMI slightly up in April

Eurozone Composite PMI increased to 46.9 points in April, from 46.5 points in March, according to data released today by Markit. The result is above market consensus of 46.5 points.
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