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28 May 2024,02:13

Market InsightsTrade Of The Day

Euro Gains On Stronger PMI, Soft Dollar

28 May 2024, 02:13

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Fundamental Analysis

* Euro Uplift: The Euro has gained ground against the U.S. dollar following recent positive PMI data from the Eurozone and a weakening dollar. In May, the Eurozone’s private sector activity displayed promising growth, driven by robust expansion in the services sector and a less severe contraction in the manufacturing sector. The services sector continued to grow this month, with the latest HCOB flash Services PMI survey, compiled by S&P Global, showing a reading of 53.3. Additionally, the HCOB Flash Eurozone Composite PMI index, an essential measure of the overall economic health, rose to 52.3 in May from 51.7 in April. This exceeded the expected 52 and marked the highest expansion rate in a year. The dollar’s decline also helped sustain this upward momentum.

Technical Analysis

* Technical Breakout: EURUSD was traded higher following prior breakout above the previous resistance level 1.08600. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains.

* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.09200. Conversely, a potential retracement is also to be expected and the price could head back towards 1.08050 should the price breach back below the 1.08600 level.

Understand how technical analysis can help you in this trading opportunity.

Potential Risks

Moving ahead, the market will closely watch upcoming Eurozone data, including German Retail Sales and the pan-European Harmonized Index of Consumer Prices (HICP), both scheduled for release on Friday. Additionally, central planners’ statements from both sides of the Atlantic will be a focal point throughout the week. The European Central Bank (ECB) is almost certain to cut interest rates in June, while traders eager for rate cuts will continue to look for indications of a similar move from the Federal Reserve (Fed).

Know how to manage trading risks with risk management strategies.


Stay updated on US and Eurozone data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.

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Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.

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