The greenback is down on Monday, with EUR/USD trading around 1.2050, recovering from a daily low of 1.2012. Nonetheless, its bullish potential is limited, Valeria Bednarik, Chief Analyst at FXStreet, reports.
EU Markit Manufacturing PMIs suffered downward revisions in April
“Germany published March Retail Sales, which unexpectedly rose by 11% YoY, much better than the -3.1% expected. In the month, sales were up 7.7%. However, Markit published the final versions of its April Manufacturing PMIs, which were downwardly revised. The German index printed at 66.2 while the EU reading resulted in 62.9, below the 63.3 previously estimated.”
“Markit will publish the US final Manufacturing PMI, foreseen at 60.6, while the country will release the official ISM Manufacturing PMI, expected at 65 from 64.7 previously.”
“Technical indicators have recovered from near oversold readings but remain within negative levels and lacking enough strength to confirm a bullish continuation.”
“The EUR/USD pair needs to clear 1.2060, to have chances of extending its advance in the upcoming sessions.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.