The Pound is building momentum on European session, and pair's rally from 1.6230 low, triggered by unexpected improvement on employment levels, has extended above 1.6300 with the pair reaching 1.6360 high, testing the top of the recent trading range.
At the moment, the Pound trades at 1.6330, with next resistance levels at 1.6340/45 (Dec 10/11 high), and above here, 1.6375/90 (Dec 9 high/Dec 1 low) and 1.6450.
On the downside, support levels lie at 1.6275/80 previous session high and below here, 1.6230 (session low) and 1.6190/00 (Range floor).
Wednesday, December 16, 2009
European markets advance after upbeat PMI data; Euro and Pound, sideways
European markets are going through gains on early trading Thursday, with investor's appetite fuelled after positive Eurozone PMI flash estimates; in FX markets Euro remains consolidating after Tuesday's declines.
Eurostoxx 50 Index trades 0.9% up, while German DAX Index advances 0.8%, and French CAC Index adds 0.9%. In the UK, the FTSE Index trades 0.8% up.
On the macroeconomic Eurozone Manufacturing Flash PMI index has ticked up to 51.6 in December ftrom 51.2 in November, while services Flash PMI has been estimated to rise to 53.7 in December from 53.0 in November, showing that Eurozone's manufacturing and services sectors' activity continues growing after a log slump.
Furthermore, UK jobless claims fell in November for the first time since February 08, a decline of 6,300 claims , to 5.0% of the workforce, against market expectations of a 12,300 increase.
Euro and Pound remain in range
EUR/USD remains consolidating between 1.4500 and 1.4560/70 area after its decline from 1.4650 area on Monday. At the moment of writing, the Euro is trading at 1.4560 testing session high, after jumping from 1.4520 on positive flash PMI's.
GBP/USD remains trading within the 1.6200/1.6345 range. During European session, the Pound has dropped to 1.6230 day low before bouncing up to 1.6300 on the back of upbeat employment figures, although 1.6300 has not given way so far, and the Pound trades at 1.6280 at the moment of writing.
USD/JPY pullback from Tuesday high at 89.95 found support at 89.40 on early European session, and the Dollar rose to 89.85 high so far, approaching yesterday's high and 90.00 resistance area.
Eurostoxx 50 Index trades 0.9% up, while German DAX Index advances 0.8%, and French CAC Index adds 0.9%. In the UK, the FTSE Index trades 0.8% up.
On the macroeconomic Eurozone Manufacturing Flash PMI index has ticked up to 51.6 in December ftrom 51.2 in November, while services Flash PMI has been estimated to rise to 53.7 in December from 53.0 in November, showing that Eurozone's manufacturing and services sectors' activity continues growing after a log slump.
Furthermore, UK jobless claims fell in November for the first time since February 08, a decline of 6,300 claims , to 5.0% of the workforce, against market expectations of a 12,300 increase.
Euro and Pound remain in range
EUR/USD remains consolidating between 1.4500 and 1.4560/70 area after its decline from 1.4650 area on Monday. At the moment of writing, the Euro is trading at 1.4560 testing session high, after jumping from 1.4520 on positive flash PMI's.
GBP/USD remains trading within the 1.6200/1.6345 range. During European session, the Pound has dropped to 1.6230 day low before bouncing up to 1.6300 on the back of upbeat employment figures, although 1.6300 has not given way so far, and the Pound trades at 1.6280 at the moment of writing.
USD/JPY pullback from Tuesday high at 89.95 found support at 89.40 on early European session, and the Dollar rose to 89.85 high so far, approaching yesterday's high and 90.00 resistance area.
EUR/USD recovery, capped at 1.4560, remains in range
Euro rebound from 1.4505 low on Tuesday has been capped at 1.4560 at European opening times, and the Euro pulled back to 1.4510. The Euro remains consolidating between 1.4500 and 1.4560/70 after Tuesday's drop.
At the moment, the Euro trades at 1.4535, with next resistance levels at 1.4575/85 (intra-day level/Dec 11 low) and above here, 1.4620/30 and 1.4665. Support levels lie at 1.4505 (Dec 15 low) and 1.4480 (Oct low) and 1.4445 (Aug 5 high).
According to the ecPulse.com analysis team, the pair could dip below 1.4500, unless 1.4585 resistance gives way: "We believe that, the pair will be able to touch minor resistance 1.4585 and then reverse to achieve a possible bearish intraday direction ; targeting start 1.4475 zones followed 1.4400, while keeping an eye on the bearish short term direction which will prevail if 1.4685 remains intact."
At the moment, the Euro trades at 1.4535, with next resistance levels at 1.4575/85 (intra-day level/Dec 11 low) and above here, 1.4620/30 and 1.4665. Support levels lie at 1.4505 (Dec 15 low) and 1.4480 (Oct low) and 1.4445 (Aug 5 high).
According to the ecPulse.com analysis team, the pair could dip below 1.4500, unless 1.4585 resistance gives way: "We believe that, the pair will be able to touch minor resistance 1.4585 and then reverse to achieve a possible bearish intraday direction ; targeting start 1.4475 zones followed 1.4400, while keeping an eye on the bearish short term direction which will prevail if 1.4685 remains intact."
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