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Market View

EURUSD corrects from Six-Month High

Tuesday, June 6, 2017 6:25 AM GMT

Euro is correcting against dollar today (as well yesterday) and falling from the six-month high. Eurozone continues reporting better economic data, while US economy shows signs of slowdown. Yesterday, EU PMI rose to 56.3 from 56.2. US PMI dropped to 53.6 from 54. Regarding more US data, ISM Non-Manufacturing PMI fell to 56.9 from 57.5 and Unit Labor Costs dropped to 2.2% from 3%. Today, the agenda includes EU Retail Sales (Previous: 0.2%, Forecast: 0.2%, Actual: 0.1%) and US JOLTS Job Openings (Previous: 5.743M, Forecast: 5.650M). 

Regarding EURUSD’s technical view, the pair recovered almost the whole downside move following Trump’s election as POTUS.  In our recent article, we had noted the negative RSI in relation to price action. It seems that buyers are getting slightly weaker. Daily supports are 1.119 and 1.102 while intraday supports are 1.122 and 1.1235. Daily resistances are 1.1281 and 1.1363. The hourly trend remains bullish as long as remains above the 200 SMA (yellow).




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