Euro Zone Manufacturing PMI Jumps To 52.3 In May , EURUSD Sets To Recover Higher !

Forex EuroZone
Forex EuroZone

The Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector.

Euro Zone Manufacturing Purchasing Managers’ Index (PMI) rose from 52.0 to 52.3 in the previous month , analysts had expected it to remain unchanged 52.0 last month.

This development puts the EURUSD in recovery mode , a short term support has been printed at the 1.1061 levels, as long as 1.1061/1.1144 support holds on a 4 hour closing basis, further upside couldn’t be ruled out towards the 1.1215 levels, further upside will target 1.1330 levels..

On the downside, a clear break below 1.1061 will reverse risk to the downside towards the 1.0960 levels.