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16 Dec 2014
EUR/USD jumps after Upbeat German Manufacturing PMI
FXStreet (Mumbai) - The Euro climb higher against the greenback during the European session on better than forecasts Germany’s manufacturing activity report.
The EUR/USD pair traded now at 1.2477 levels, up 0.30%, posting a fresh daily high at 1.2481 immediately after the German PMI numbers. The Euro gained strength against the US counterpart after German factory activity showed expansion in December. Markit's PMI for the manufacturing sector, which accounts for about a fifth of the nation's economy, rose to 51.2 during the final month of the year from 49.5 seen in November, much higher than the market forecasts of 50.3.
Meanwhile, the common currency remains buoyed ahead of ZEW Economic sentiment numbers from Germany and Euro zone as a bloc, due for release shortly. ZEW Economic sentiment Germany is seen heading up to 19.7 from 11.5 measured in November.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2486 (Dec 15 High) levels, above which gains could be extended to 1.2507 (Dec 1 High) levels. On the flip side, support is seen at 1.2427 (100-day SMA) levels, below which it could extend losses to 1.2413 (Dec 15 Low) levels.
The EUR/USD pair traded now at 1.2477 levels, up 0.30%, posting a fresh daily high at 1.2481 immediately after the German PMI numbers. The Euro gained strength against the US counterpart after German factory activity showed expansion in December. Markit's PMI for the manufacturing sector, which accounts for about a fifth of the nation's economy, rose to 51.2 during the final month of the year from 49.5 seen in November, much higher than the market forecasts of 50.3.
Meanwhile, the common currency remains buoyed ahead of ZEW Economic sentiment numbers from Germany and Euro zone as a bloc, due for release shortly. ZEW Economic sentiment Germany is seen heading up to 19.7 from 11.5 measured in November.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2486 (Dec 15 High) levels, above which gains could be extended to 1.2507 (Dec 1 High) levels. On the flip side, support is seen at 1.2427 (100-day SMA) levels, below which it could extend losses to 1.2413 (Dec 15 Low) levels.