Currency Analyst since 2010

EUR/USD ahead of the euro zone’s PMIs

EUR/USD spiked to $1.2997 yesterday, but is now back in the $1.2830/20 area.

The Fed’s Chairman Ben Bernanke said yesterday the central bank may taper monthly bond purchases if it’s confident of sustained gains in the economy. The FOMC minutes showed that the policymakers will discuss tapering in June. Now all eyes are on the euro zone’s PMIs (07-08:00 GMT. If the data show improvement, EUR/USD might be able to hold above $1.2800 in the coming sessions. Otherwise, we’ll see the test of $1.27s.

Support: $1.2820, $1.2800, $1.2770 and $1.2750.

Resistance: $1.2863, $1.2900, $1.2935 and $1.2950. MAs on H1 and H4 also create resistance for the pair.  

Chart. H1 EUR/USD

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