News

Market Overview, EUR/USD Technical Analysis

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The benchmark Stoxx Europe 600 Index (SXXP) (SXXP) slipped 0.3 percent to 262.52 at 9:42 a.m. in London, after earlier climbing as much as 0.6 percent. Standard & Poor’s 500 Index futures expiring in June were little changed, while the MSCI Asia Pacific Index increased less than 0.1 percent.

A Purchasing Managers’ Index (CPMINDX) compiled by China’s logistics federation and the National Bureau of Statistics rose to 53.1 in March from 51 in February. The gauge has a pattern of rising each March. In contrast, a PMI from HSBC Holdings Plc and Markit Economics fell to a four-month low of 48.3, showing that manufacturing contracted and export orders declined.

A separate U.S. release today will show that manufacturing picked up in the world’s largest economy last month, according to economists. The Institute for Supply Management’s factory index climbed to 53 in March from 52.4 in February, according to the median economist estimate in a Bloomberg News survey. Readings greater than 50 signal growth. A separate report may show construction spending rose in February.

EUR/USD break out above 1.330 confirms current short term uptrend (bounce back from oversold levels). Next resistance on the upside is located at 1.3500 followed by 1.3600 which is a 200 Day SMA. Alternatively first support on the downside is at 1.3200 ( 20/50 Day SMA ) followed by psychological 1.300 level which is the recent significant low dated in March 2012.


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