By CountingPips.com
The euro has started off the week slightly lower against the U.S. dollar in forex trading after declining last week to finish just under the 1.3400 level. The euro-dollar pair (EUR/USD) fell quickly overnight to a low of 1.3292 but has pared those losses and has risen today to trading near the 1.3365 level. This is approximately even from the day’s opening rate of 1.3362 at 00:00 GMT. Last week, the euro fell by almost 100 pips to the 1.3384 exchange rate versus the dollar 
as the Greece debt difficulties took center stage again and weighed heavily on the common euro currency.
Today, there was virtually no economic news releases on the schedule. The one indicator out of the U.S. was the Dallas Fed Manufacturing Activity which showed that manufacturing jumped in April to increase for the sixth straight month. The manufacturing activity score rose to 21.1 percent in April from a 7.2 percent score in March. This surpassed market forecasts expecting a rise to 9.8 percent. The production index doubled to a 18 percent reading from 9 in March with 40 percent of the surveyed manufacturers claiming increased output for the month.
Tomorrow’s economic schedule is fuller and includes Australian producer prices, the U.S. Case-Shiller home price index, U.S. consumer confidence and the Japanese retail trade reading overnight.
EUR/USD Chart – The Euro today rebounding slightly against the US dollar on the 1-hour chart today after falling below the 1.3300 exchange rate earlier. The pair looks to be on a short-term upswing and currently trades above the 23.6 fibonacci retracement level (on the down move from 1.3817 to 1.3202 that started on March 17th). The RSI is poking its head above the 50.0 level while the MACD crossover indicates a possible bullish signal is about to emerge.
