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5 Feb 2013
Forex: EUR/USD at 1.3530 after EMU PMI Composite
The EUR/USD keeps on bouncing from the downside pressure earlier, that sent it to 1.3458 low at 07:00 GMT. As Markit PMI Services data is released, the pair rises. Already at 1.3530. The EMU PMI Composite rose from 47.2 to 48.6 in January, beating consensus of 48.2. Services PMI came in at 48.6 too.
The German PMI Services is more expansionary, from 52.0 to 55.7 in January, beating consensus of 55.3. Spain had a better than expected figure, at 47 (instead of 44.1), while Italy disappointed at 43.9 (instead of 45.8) and France came in line with consensus, at 43.6.
"Sustained break below 1.3485 is required to confirm and open next significant supports at 1.3434, Fib 61.8% and 1.3400, mid-Jan consolidation top and daily 20 day EMA", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to previous support at 1.3500, to act as initial resistance, with 1.3540 coming next and only break above 1.3580, 01 Feb low / yesterday’s intraday high, would ease bear-pressure.
The German PMI Services is more expansionary, from 52.0 to 55.7 in January, beating consensus of 55.3. Spain had a better than expected figure, at 47 (instead of 44.1), while Italy disappointed at 43.9 (instead of 45.8) and France came in line with consensus, at 43.6.
"Sustained break below 1.3485 is required to confirm and open next significant supports at 1.3434, Fib 61.8% and 1.3400, mid-Jan consolidation top and daily 20 day EMA", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to previous support at 1.3500, to act as initial resistance, with 1.3540 coming next and only break above 1.3580, 01 Feb low / yesterday’s intraday high, would ease bear-pressure.