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Forex: EUR/USD rising ahead of US ISM manufacturing

By FXstreet.com,  January 02, 2013, 07:45:00 AM EDT

FXstreet.com (Barcelona) - As investors antecipate the outcome of the US ISM manufacturing PMI, expected to return to expansionary territory at 50.2, the EUR/USD is rising back to its daily highs after testing for intraday support at 1.3235 during the European morning.

The US Markit manufacturing PMI is also expected to improve, from 52.8 to 53.2 in December. Before the US data, Germany will provide the preliminary CPI inflation report to investors at 13:00 GMT, presumed to remain unchanged at 1.9%.

"The higher low in July 2012 (compared to July 2010) and the recent new high above the strong resistance at 1.3172 suggest an improvement of the underlying trend", wrote MIG Bank analyst Bijoy Kar, favoring a bullish bias with strong resistance at 1.3487 (24/02/2012 high).




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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