Italy: Apr Markit Manufacturing PMI rises to 45.5 vs 44.5 in Mar

As the EUR/USD is pushes hard into some hefty resistance at 1.3225/45 50% retracement and the top of the cloud, Commerzbank analysts warn that this is indicated to be the end of the move, “however a break back below the short term uptrend at 1.3046 is needed to confirm”. “Further upside probes remain viable while we continue to hold above here. The recent rally felt quite directional and the intraday charts are giving conflicting signals - .should 1.3225/45 be eroded this would introduce scope to 1.3340, the 61.8% retracement of the move seen this year”, wrote analyst Karen Jones, adding that a slide back below 1.3046 is needed to alleviate immediate upside pressure for a drop to 1.2964/54 (24th April low and the 200 day ma), while failure here will concentrate efforts on to 1.2839, the 78.6% retracement of the move up in April then the 1.2740 recent low.