EUR Trading Outlook (01-07-2011)
The Euro (EUR) broke above 1.4500 in Asia but topped out above the key level and found profit taking pressure for the rest of the day. The market has had major gains in the last few sessions so some consolidation is healthy for the bulls before trying to push another leg higher. Overall the EUR/USD traded with a low of 1.4446 and a high of 1.4539 before closing the day around 1.4480 in the New York session. Looking ahead, June PMI Manufacturing forecast at 54.9 vs. 54.9 previously. May Unemployment Rate forecast at 9.9%.
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