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5 Aug 2013
EUR/USD back to 1.3280 on better PMI data
FXstreet.com (Edinburgh) -The EUR/USD climbed to the critical barrier at 1.3300 on Monday after the euro zone members’ services PMI prints surpassed expectations.
EUR/USD another attempt to 1.3300
The 1.3300 handle continues to be a tough barrier so far, as the pair could print a daily close above it despite last week’s advance to almost 1.3350 post-FOMC gathering. “We believe that the long end of the swap curves has now more or less fully priced the stronger US versus the Euro outlook. We continue to like the medium risk reward in a tighter 5y5y USD versus EUR spread. Today is likely to be slow. Even a strong service PMI should have limited impact, as this should already be built into expectations”, commented Arne Lohman Rasmussen, Chief Analyst at Danske Bank.
EUR/USD levels to watch
At the moment the pair is down 0.01% at 1.3282 with the next support level at 1.3264 (low Aug.5) followed by 1.3258 (MA10d) and finally 1.3200 (psychological level). On the upside, a break above 1.3294 (high Aug.2) would expose 1.3311 (high Aug.1) and then 1.3345 (high Jul.31).
EUR/USD another attempt to 1.3300
The 1.3300 handle continues to be a tough barrier so far, as the pair could print a daily close above it despite last week’s advance to almost 1.3350 post-FOMC gathering. “We believe that the long end of the swap curves has now more or less fully priced the stronger US versus the Euro outlook. We continue to like the medium risk reward in a tighter 5y5y USD versus EUR spread. Today is likely to be slow. Even a strong service PMI should have limited impact, as this should already be built into expectations”, commented Arne Lohman Rasmussen, Chief Analyst at Danske Bank.
EUR/USD levels to watch
At the moment the pair is down 0.01% at 1.3282 with the next support level at 1.3264 (low Aug.5) followed by 1.3258 (MA10d) and finally 1.3200 (psychological level). On the upside, a break above 1.3294 (high Aug.2) would expose 1.3311 (high Aug.1) and then 1.3345 (high Jul.31).