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5 Jun 2013
EUR/USD testing lows around 1.3060/65
FXstreet.com (Barcelona) - The shared currency is now trading into the negative territory on Wednesday, testing session lows in the area of 1.3060/65 pre-PMI prints in the euro area.
The EUR/USD remained muted after the Spanish services PMI rose to 47.3 in May, surpassing both the median and previous prints. “The easing of recessionary conditions in the euro-zone and gradual pick up in growth in the UK are helping to support both the euro and pound in the near-term when overseas economies are losing some momentum”, added Lee Hardman, Currency Analyst at BTMU.
The pair now losing 0.03% at 1.3077 with the next support at 1.3043 (low Jun.4) followed by 1.3040 (MA200d) and then 1.2985 (MA10d). On the flip side, a breakout of 1.3108 (high Jun.3) would open the door to 1.3138 (76.4% of 1.3243-1.2796) en route to 1.3194 (high May 8).
The EUR/USD remained muted after the Spanish services PMI rose to 47.3 in May, surpassing both the median and previous prints. “The easing of recessionary conditions in the euro-zone and gradual pick up in growth in the UK are helping to support both the euro and pound in the near-term when overseas economies are losing some momentum”, added Lee Hardman, Currency Analyst at BTMU.
The pair now losing 0.03% at 1.3077 with the next support at 1.3043 (low Jun.4) followed by 1.3040 (MA200d) and then 1.2985 (MA10d). On the flip side, a breakout of 1.3108 (high Jun.3) would open the door to 1.3138 (76.4% of 1.3243-1.2796) en route to 1.3194 (high May 8).