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May 05 - 01:55 PM

EUR/USD - Holds On To Gain After ISM Services

By Robert Fullem  —  May 05 - 11:42 AM

(Change holds spelling)

• EUR/USD trims gain as Trsy yields firm after unexpected ISM services rise

• Slips back below 1.1328 5-DMA to midpoint of narrow 1.1299-1.1365 range

• Bulls are encouraged by pair lingering above a rising 21-DMA at 1.1296

• Dax closes up for a ninth session, rising 1%, while US share meander

• 1-mo. risk reversal climbs to 1-wk high of 0.9% in favor of calls before Fed

• Gains in CNH, lower oil also support common currency

• Needs to rise in coming sessions to avoid bear 5-21 DMA crossover

• German trade, Euro zone PMIs, ECB speakers slated for this week

• Supp: 1.1242 April 10 high; 1.1147 April 3 high

• Resist: 1.1425 April 28 high; 1.1573 April 21 high
EUR


(Robert Fullem is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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