EUR/USD Waiting For The PMI
Admirals | Jul 24, 2013 07:00AM ET
Yesterday did not bring any surprises as the EUR/USD made another bullish candle and set new mid-term highs. Traders continued the upswing started by Ben Bernanke two weeks ago. At the beginning of the European session, buyers had some problems and allowed the price to drop below the 1.3180 support. As we saw later, it was a false breakout that led to the counter movement in the opposite direction (upward).
The European session today started with an upswing and traders seem to anticipate good PMI numbers that will be released today in the Euro zone. Good data will have the potential to drive prices higher, at least to 1.3260 which is the next resistance.
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