Technical review of the EUR/USD 16.12.13

Preliminary Purchasing Managers Index (PMI) in Germany surpassed forecasts, but the euro / U.S. dollar was unable to regain the ground lost after the very weak French data. After the release of the German PMI, the euro / dollar rose from 1.3745 to 1.3755 area and is now trading at 1.3749 against 1.3760 level at which it was before the release of PMI France.​

Trading recommendation: buy a pair when it breaks through and firmly establishes above the strong intermediate resistance level of 1.3800 with small volumes, while increasing positions in case of consolidation of the pair above $ 1.3855 with the first target 1.3900 and 1.4000 more distant goal.

Analyst Andrew Batenski