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5 Mar 2013
Forex: EUR/USD in session highs after German PMI
The single currency is posting fresh highs above 1.3070 after better-than-expected services PMI prints from France, Germany and the euro zone as a whole, leaving behind the drops from Italy and Spain.
Although the services component is not as important as the manufacturing sector in the euro area, traders were in much need of good news, exacerbating the results ahead of the ECB gathering due on Thursday. Next on tap would be the EMU’s Retail Sales, expected to improve during January.
At the moment, the pair is up 0.35% at 1.3072 and a surpass of 1.3101 (high Mar.1) would bring 1.3108 (MA10d) and then 1.3114 (Ichimoku Cloud Base).
On the flip side, support levels line up at 1.3018 (low Mar.5) ahead of 1.2982 (low Mar.4) and then 1.2966 (2013 low Mar.1).
Although the services component is not as important as the manufacturing sector in the euro area, traders were in much need of good news, exacerbating the results ahead of the ECB gathering due on Thursday. Next on tap would be the EMU’s Retail Sales, expected to improve during January.
At the moment, the pair is up 0.35% at 1.3072 and a surpass of 1.3101 (high Mar.1) would bring 1.3108 (MA10d) and then 1.3114 (Ichimoku Cloud Base).
On the flip side, support levels line up at 1.3018 (low Mar.5) ahead of 1.2982 (low Mar.4) and then 1.2966 (2013 low Mar.1).