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EURUSD : Better Than Expected Euro Zone PMI Pushes EUR Higher

                                     

 

EUR posted gains today against US dollar after the better than expected Flash manufacturing PMI. The data showed some recovery in the euro zone private sector this month, however there was some divergence between Germany and France. The euro zone manufacturing PMI rose to 53.3 this month from the reading of 53 in March and in line with the economist’s expectation. The services PMI rose to 53.1 better than the economist’s expectation for 52.4. Germany’s PMI came out to be better than the economist’s expectation however French PMI missed the economist’s expectation.

On the hourly chart, EURUSD rose by breaking out from the falling resistance trend line and reversing the downtrend to uptrend. The pair found resistance from the previous resistance at 1.3844. The falling resistance trend line might now act as a support for the pair and push the pair again towards the resistance of 1.3844. On the other hand if the pair breaks this resistance level it will push the pair towards the next resistance level at 1.3864.