US dollar regained positions against the euro currency on Friday, after the release of positive economic data from United States, which called back expectations of FED tapering its easing program in near future.
EUR/USD slid to session low at 1.2960 during early American session, after which consolidation followed at 1.2970. Support was meant to be received at 1.2915, lowest from May 27th, while resistance was expected at todays session high, 1.3060.
Earlier it was reported that Chicago PMI rose to 58.7 during May, above expectations which showed a reading of 50.0, while the April value pointed 49.0. The index recorded its highest level for more than a year and only a month after marking its weakest level for about three and a half years. Recovery of value was supported by increased activity in production, orders and employment.
Additionally, Final University of Michigan Confidence indicator also rose to 84.5 in May, surpassing projected value of 83.7, which reading was also stated during the previous period.
The euro came under pressure earlier today, after official data stated that the unemployment rate in the Euro zone reached a new record high of 12.2% in April, from 12.1% during the previous month.
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