BUZZ-COMMENT-Withering US exceptionalism may send EUR/USD above 1.0800

March 3 (Reuters) - EUR/USD hit a 3-session high Monday and a rally above 1.0800 may be on the cards as investors appear to be bracing for weaker U.S. growth.

Above estimate February China Caixin manufacturing PMI and upwardly revised February euro zone HCOB manufacturing PMI eased some concerns of slower growth outside the U.S.

The downside surprise in February U.S. ISM manufacturing suggested slowing growth. The new orders and employment components fell into contraction territory, which reinforced growth and employment concerns.

ISM prices paid surprised to the upside but investors seem to be shrugging off inflation worries as U.S. 2-year USBEI2Y=R and 5-year USBEI5Y=R break evens remain nearby their lows struck last week.

German-U.S. 2-year yield spreads US2DE2=RR traded their tightest in 4-months after the data, which also helped underpin EUR/USD.

Technicals highlight upside risks for EUR/USD. Daily and monthly RSIs imply upward momentum is in place and a rally is following the February monthly doji candle. EUR/USD's move above the daily cloud top and the 5-, 21- and 55-day moving averages reinforces the bullish signals.

Key resistances sit in the 1.0530/40 and 1.0630/40 zones. Should those impediments break, a big short squeeze may follow, which could propel EUR/USD towards November's monthly high.

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