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Forex: EUR/USD back to lows ahead of US ISM data

By FXstreet.com,  January 02, 2013, 09:35:00 AM EDT

FXstreet.com (Barcelona) - The EUR/USD eased and returned to 1.3235/40 zone ahead of the US ISM Manufacturing PMI, expected to become expansionary again, at 50.2 in December. The Markit figure was already released and has beaten market consensus of 53.2, coming up to 54.0.

The German figure came in higher than expected, above 2.0%, rising from 1.9% to 2.1% in December. Ahead of the German flash CPI inflation report, the EUR/USD had come off its session lows around 1.3235 and rose closer to its daily highs, being capped at 1.3280 as data got published.

"Scope remains to challenge the 1.3487/1.3528 resistance area. This is where the February high, 50% of the 2011-to- 2012 decline and the 200 week moving average all come in and as such should offer strong resistance and provoke failure", wrote Commerzbank analyst Karen Jones, pointing to 1.3360 and the 1.3381/86 March and April highs on the way.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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