EUR/USD: The euro surged to a near 1-week peak, as Italy promised to respect the European Union’s fiscal rules in its next budget. Investors’ attention will also remain on the Eurozone and German PMI for further clues on the strength of the economy. The European currency traded 0.1 percent up at 1.1180, having touched a high of 1.1190 earlier, its highest since May 28. Investors’ attention will remain on a series of data from the Eurozone economies, ahead of the U.S. construction spending, and manufacturing PMI from both Markit and ISM. Immediate resistance is located at 1.1209 (May 6 High), a break above targets 1.1243 (May 14 High). On the downside, support is seen at 1.1106 (May 23 Low), a break below could drag it below 1.1075 (May 18, 2017, Low).
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