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Forex pairs in this Article » EUR/USD (Edinburgh) - The single currency is now looking to consolidate the recent bull run above the 1.3600 handle, with the EUR/USD around 1.3630/40.

EUR/USD solid after PMIs

The morning joy continues in the euro area, after EMU’s manufacturing and services PMI also surpassed expectations during January, advancing to 53.9 and 53.2, respectively. In the same direction, Current Account surplus in the 18-country region widened to €23.5 billion during November, up from €22.2 billion. Martin van Vliet, Analyst at ING, assessed, “All in all, the strong improvement in the composite PMI in January shows that the Eurozone economy started 2014 on a positive footing, which is encouraging news and will reinforce hopes of a sustained recovery this year. But we should not get too carried away; the still-moderate level of the overall index is a reminder that this recovery is still in its infancy and fragile”.

EUR/USD levels to watch

At the moment the pair is advancing 0.65% at 1.3636 with the next resistance at 1.3699 (high Jan.14). On the downside, a break below 1.3530 (low Jan.23) would open the door to 1.3517 (low Jan.21) and finally 1.3508 (2014 low Jan.20).
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