Forex: EUR/USD spikes higher on German PMI
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EUR/USD
FXstreet.com (Barcelona) - The market became exhausted at being around 1.3340 area and fell to test the 1.3290/1.3300 zone, only to rally back on the release of stronger than expected German manufacturing flash PMI in January, from 46.0 to 48.8 (consensus of 46.8). The Services figure accelerated its expansionary pace, from 52 to 55.3.
The EURUSD spiked to 1.3334 on the publication. PMI and current account data in the EMU will be out soon. The preliminary French manufacturing PMI eased to 42.9 from 44.6 in January (consensus of 45.1), and the Spanish unemployment rate rose from 25% to 26.02% in Q4 2012.
Sidelined in its tight range 1.3250-1.3400, the upside bias is maintained while above 1.3250, while above 1.3405 "we look for gains towards tough long term resistance at 1.3485/1.3560" (2012 high, a double Fibonacci retracement the 200 week moving average and the 55 MONTH moving average). "We look for this to hold the topside and provoke failure", wrote analyst Karen Jones.
The EURUSD spiked to 1.3334 on the publication. PMI and current account data in the EMU will be out soon. The preliminary French manufacturing PMI eased to 42.9 from 44.6 in January (consensus of 45.1), and the Spanish unemployment rate rose from 25% to 26.02% in Q4 2012.
Sidelined in its tight range 1.3250-1.3400, the upside bias is maintained while above 1.3250, while above 1.3405 "we look for gains towards tough long term resistance at 1.3485/1.3560" (2012 high, a double Fibonacci retracement the 200 week moving average and the 55 MONTH moving average). "We look for this to hold the topside and provoke failure", wrote analyst Karen Jones.
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