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EUR/USD trades around 1.2220 heading into Wall Street’s opening as the dollar’s demand remains subdued amid ruling optimism. The bias tilts to the upside while the world’s most popular currency pair stays above the 1.22 level, FXStreet’s Chief Analyst Valeria Bednarik briefs.

See:  EUR/USD continues to lose momentum but the risk still just leans higher – Credit Suisse

The EU Markit Manufacturing PMIs were upwardly revised in May

“The EU macroeconomic calendar has been quite busy, as Markit released the final versions of its May Manufacturing PMIs. The German index was upwardly revised to 64.4, while the final EU printed at 63.1, also beating the preliminary estimate. Germany’s Unemployment rate unexpectedly rose to 10.7% against the expected slide to 10.1%. For the whole Union, the unemployment rate contracted to 8%.”

“Markit will publish the final US Manufacturing PMI for May, foreseen at 61.5. The country will also publish the official ISM Manufacturing PMI, expected at 60.7.”

“The near-term picture is neutral-to-bullish and according to the 4-hour chart. The pair is trading above all of its moving averages, which head higher with uneven strength, while technical indicators ease within neutral levels.”

“The 1.2200 level is the immediate support, followed by a more relevant one at 1.2165.”