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Forex: EUR/USD recovers ground after Spanish PMI

By FXstreet.com,  January 04, 2013, 03:39:00 AM EDT

FXstreet.com (Barcelona) - The euro has shown signs of life after the Spanish Services PMI improved to 44.3 during December vs.42.4 in the previous print. The reading also exceeded market consensus at 42.8
The demand for the single currency remains subdued on Friday, in a context dominated by the risk aversion ahead of the US NFP (150K exp.).

EUR/USD is now retreating 0.18% at 1.3025 facing the next support at 1.2996 (low Dec.12) ahead of 1.2945 (Lower Bollinger) and 1.2929 (low Dec.11).
On the flipside, a surpass of 1.3054 (hourly high Jan.4) would open the door 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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