EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.58% against the USD and closed at 1.3071, as investor sentiment was lifted on faster than expected expansion in manufacturing activities in the Euro-zone.
Manufacturing PMI in the Euro-zone climbed to a reading of 48.3, its highest level since March 2012, while that in Germany jumped to a reading of 49.4. Italian manufacturing PMI hit a four-month high, climbing to a reading of 47.3, while that in Spain advanced to 48.1.
Moreover, dragging the greenback lower, the US ISM PMI unexpectedly contracted to 49.0 in May. However, providing respite to the greenback, the final US Markit manufacturing PMI was revised higher to a reading of 52.3 in May.
In the Asian session, at GMT0300, the pair is trading at 1.3056, with the EUR trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.2971, and a fall through could take it to the next support level of 1.2885. The pair is expected to find its first resistance at 1.3125, and a rise through could take it to the next resistance level of 1.3193.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
