Daily Forex Technical Analysis: The Euro Ignores PMI Data

EUR/USD (1.28938)

The Eurozone manufacturing PMI was released today. It came in at 50.5 for this month. The month prior saw a print of 50.7. This is the slowest expansion in the last 13 months. We had we had expected a print of 50.6. The Eurozone services PMI sped up with a print at 52.8. It came out last month at 53.1 and missed expectations of 53.0.

Before the release the EUR/USD was trading quietly and after the release it continued to trade quietly. Just recently the market shot above 1.2850 to trade at 1.28938. We are still below the important level near 1.2905.

There is no change with our morning’s technical analysis of the EUR/USD.