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German PMIs both positive – EUR/USD breaks to new highs,

German PMIs both exceeded the 50 point mark. The manufacturing PMI rose from 48.6 to 50.3 points, more than 49.3 that was expected. The 50 point mark separates contraction and growth. Services PMI, which was already in growth territory, leaped to 52.5 from 50.4, more than 50.9 that was predicted.

EUR/USD already enjoyed the better than expected French PMI numbers, even if they were both under 50 points. The pair is now above 1.3240.

EUR/USD is still capped by the 1.3250 line at the moment. It needs to break above this level in order to secure a more serious move higher. The next resistance is at 1.3350. Support lies at 1.3175.

Here is how it looks in the chart:

EUR USD jumping higher on PMIs July 24 2013 technical view for foreign exchange trading

For more lines and analysis, see the  EUR to USD forecast.

The all-European PMIs are expected soon, and they carry lower expectations. Given the weight of the French and the German PMIs, the markets are probably expecting better results from the all-European numbers. However, they are not expected to show growth.

The euro is also stronger against the pound: EUR/GBP is above 0.86.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.