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Forex: EUR/USD rises ahead of data

By FXstreet.com,  May 03, 2012, 03:25:00 AM EDT

FXstreet.com (Barcelona) - Ahead of EMU's PPI, the EUR/USD is rising on risk appetite. UK PMI services ahead at 08:28 GMT is also weighing on the greenback, allowing more gains of the European currencies.

Producer Prices are expected to remain unchanged in March in MoM, but should drop from 3.6% to 3.4% in the yearly basis. The EUR/USD is approaching the 20-day MA, at 1.3160.

"Any bounce from 1.3140 leaves 1.3175/1.3225 exposed on the topside...but this would just give better levels to sell. Hold shorts on any rally and only reverse a break above 1.3290", wrote Charmer Charts analyst Carol Harmer, pointing to new target at 1.3075 if a break of 1.3140 happens.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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