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Forex: EUR/USD capped at 1.3064 after US non-manufacturing and factory orders

By FXstreet.com,  January 04, 2013, 10:25:00 AM EDT

FXstreet.com (Barcelona) - Greenback strength is currently at a corrective moment after US nonfarm payrolls coming in better than expected, with November data revised higher (161K vs 142K) and the December figure adding 155K jobs instead of 150K.

The EUR/USD jumped from 1.3010 zone and kept rising ahead of the US non-manufacturing PMI and Factory Orders. Then, it was capped at 1.3064. Today's release of December ISM non-manufacturing PMI surprised market expectations by jumping from 54.7 to 56.1 instead of easing to 54.2 as predicted. The monthly change in Factory Orders was null in November, according to the US Census Bureau. Data was expected to ease from +0.8% to +0.4%.

As of writing, the pair moves around 1.3050. "Penetrating support at 1.3119, EURUSD price action looks set for another move lower towards subsequent support at 1.2998", wrote Fxstreet.com independent analyst Richard Lee, pointing to 1.2892 as next support and resistance at 1.3200.




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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