June 3: European session
EUR/USD rose to $1.3043 as data showed that manufacturing picture in the euro zone’s largest economies is improving. According to final figures, PMIs for the EMU and Germany rose from 47.8 and 48.1 in April to 48.3 and 49.4 in May respectively.
However, the single currency is capped by $1.3050. There’s downtrend resistance from February high close to this area. In addition, resistance for EUR/USD is found at $1.3026 (200-day MA), $1.3060 (last week’s highs) and $1.3100. Support is at $1.3000/2990 and $1.2950.
GBP/USD peaked at $1.5290 on the upbeat British data, but has quickly slipped lower to $1.5260. UK manufacturing PMI has unexpectedly improved to 51.3 vs. a projection of 50.2 and previous 50.3 reading.