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21 May 2015
EUR/USD swings higher towards 1.1150 on EMU data
FXStreet (Mumbai) - The shared currency kept gains against the American dollar in the European morning, with EUR/USD extending gains beyond 1.1100 levels. The major remains lifted on mixed EMU data with the bloc’s manufacturing PMI rebounding in May, while EMU current account surplus shrank in March, a separate report showed.
EUR/USD supported above 1.11
The EUR/USD pair trades 0.41% at 1.1139, oscillating between 1.1130-1.1150 post the EMU data release. EUR/USD remains elevated as markets cheered manufacturing sectors' results across the euro zone which pointed to faster development in May. While weaker services reading and shrinking current account surplus kept a lid on prices.
The flash manufacturing PMI for the euro zone came in at 52.3 points in May, compared to 52.0 in April. Analysts had bet on a higher reading of 51.8 points. The region's services PMI maintained healthy expansion, with the flash reading booking 53.3 points in the measured month, down from 54.1 a month ago, and below estimates of 53.9 points.
While in a separate report, the euro zone's current account recorded a slump in its surplus to €18.6 billion in March, seasonally adjusted, compared with a revised €27.3 billion in Feb.
Meanwhile, traders now shift their focus towards ECB meeting accounts. While markets also keep a watchful eyes on Greece headline ahead of the EU summit commencing later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1159 (Today’s High) levels, above which gains could be extended to 1.1200 levels. On the flip side, support is seen at 1.1081 (Today’s Low) below which it could extend losses to 1.1063 (May 20 Low) levels.
EUR/USD supported above 1.11
The EUR/USD pair trades 0.41% at 1.1139, oscillating between 1.1130-1.1150 post the EMU data release. EUR/USD remains elevated as markets cheered manufacturing sectors' results across the euro zone which pointed to faster development in May. While weaker services reading and shrinking current account surplus kept a lid on prices.
The flash manufacturing PMI for the euro zone came in at 52.3 points in May, compared to 52.0 in April. Analysts had bet on a higher reading of 51.8 points. The region's services PMI maintained healthy expansion, with the flash reading booking 53.3 points in the measured month, down from 54.1 a month ago, and below estimates of 53.9 points.
While in a separate report, the euro zone's current account recorded a slump in its surplus to €18.6 billion in March, seasonally adjusted, compared with a revised €27.3 billion in Feb.
Meanwhile, traders now shift their focus towards ECB meeting accounts. While markets also keep a watchful eyes on Greece headline ahead of the EU summit commencing later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1159 (Today’s High) levels, above which gains could be extended to 1.1200 levels. On the flip side, support is seen at 1.1081 (Today’s Low) below which it could extend losses to 1.1063 (May 20 Low) levels.