EUR/USD: Downside limited above 1.0880

EU’s final Markit Manufacturing PMI came at 33.4 in April while the EUR/USD pair retains its positive bias in the short-term, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“Data coming from Europe was mixed, as the final version of the German April Markit Manufacturing PMI was upwardly revised to 34.5, although the one for the whole Union came down to 33.5. Also, the EU Sentix Investor Confidence index plunged to -41.8 in May, much worse than the -33.5 anticipated.”

“The US will publish today the ISM-NY Business Conditions index for April, previously at 12.9, and March Factory Orders, seen down by 9.8% when compared to a month earlier.” 

“The 100 and 200 SMA converge directionless at around 1.0880, providing dynamic support. Overall, the downside seems limited as long as the pair holds above the mentioned 1.0880 level.”