Euro Moves Up Limited, Responding to the French Data Improvement
fxbom.com
10:02 PM
In European trading session today (15/12), it appears euro is moving to strengthen against currencies U.S. Dollar. Until now, the pair EUR / USD traded at around 1.3033, up 52 points (+0.40%) of the closure yesterday (14/12) at the position of 1.2982. Movement seems stronger euro is currently driven by improved economic data France, has just been released.
French Flash Manufacturing PMI recorded value of 48.7, better than expected worth of the previous period valued at 47.1 and 47.3. While the French Flash Services PMI data reportedly worth 50.2, also better than the previous expectation value of 49.1 and 49.6 for the previous period.
It is estimated that the improving economic data France is not going to give a very significant positive impact for the euro, because the focus of the market is still at the problem of handling the debt crisis in Europe. Only, this data may be somewhat helpful Euro to rebound any moment because of the technical condition of the Euro is already oversold.
Fxbom.com Analysts estimate that the strengthening of the Euro will find strong resistance in the range of 1.3090 and 1.3150. Likely to be difficult to penetrate the resistance level is due to pessimism about Europe’s debt crisis the issue is still high at this time.
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