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Forex: EUR/USD edges to 1.2850 after German PMI

By FXstreet.com,  November 22, 2012, 03:42:00 AM EDT

FXstreet.com (Barcelona) - The single currency is gathering pace again after the preliminary manufacturing PMI in Germany has improved to 46.8 in November, above previous forecasts and October's print at 46.0. On the opposite direction, flash Services PMI came in a hair lower at 48.0 vs. 48.4 expected and previous. The German economy thus faces the last quarter still in contraction territory, and with evident signs of sluggishness in its domestic economy.

The cross is now up 0.18% at 1.2853
Next resistance levels await at 1.2876 (high Nov.7) ahead of 1.2950 (high Nov.2) and 1.2983 (high Nov.1).
On the downside, a breach of 1.2730 (low Nov.19) would expose 1.2691 (low Nov.16) and 1.2662 (low Nov.13).




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

Referenced Stocks:



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