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Forex: EUR/USD keeps the red after German, EMU PMI

By FXstreet.com,  January 04, 2013, 04:19:00 AM EDT

FXstreet.com (Barcelona) - The shared currency remains in the negative territory on Friday, despite the improvement in the German and EMU Services PMI prints, rising to 52.0 and 47.2, respectively. The readings disappointed forecasts however, at 52.1 and 47.3 respectively.

It seems that the new hawkish tone evidenced by the FOMC minutes on Wednesday are still weighting on the euro traders, ahead of the NFP figures due later on in the European afternoon (+150K exp.).

At the moment, the pair is down 0.30% at 1.3009
Next support levels are located at 1.2996 (low Dec.12) ahead of 1.2945 (Lower Bollinger) and 1.2929 (low Dec.11).
On the other hand, a break above 1.3054 (hourly high Jan.4) would aim to 1.3139 (MA21d) and then 1.3168 (MA10d).




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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