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Strong Business Activity Statistics Supported the Position of the Euro

11/24/2022 12:54 PM

The European currency returned to upward dynamics after the publication of macroeconomic statistics and is currently trading around 1.0440.

Yesterday, data on business activity in the leading sectors of the EU economy were presented, which was positive for the first time since the end of summer. Thus, Manufacturing PMI in France rose to 49.1 points from 47.2 points earlier, and in Germany – to 46.7 points from 45.1 points, while Manufacturing PMI in the EU amounted to 47.3 points, higher than 46.4 points earlier. As for Services PMI, the upward dynamics here were slightly restrained: in France, the indicator consolidated around 49.4 points, which was lower than 51.7 points earlier, and in Germany, it was 46.4 points against 46.5 points in the month previously. The Composite index for EU countries remained at 48.6 points.

The driver of the upward movement of the EUR/USD pair remains the US dollar, which fell to the area of ​​105.6 points in the USD Index yesterday after negative weekly data on the national labor market were published: initial jobless claims increased by 240.0K, which is higher than both the calculated 225.0K and the previous value of 223.0K, and the total number of citizens receiving assistance from the state increased from 1.503M to 1.551M.


On the daily chart, the trading instrument is correcting, confidently approaching the local highs of the last week around 1.0485.

Technical indicators have long since reversed upwards and are strengthening their signal: fast EMAs on the Alligator indicator widen the range of fluctuations, and the AO oscillator histogram forms new rising bars, growing in the buying zone.

Support levels: 1.0328, 1.0095. | Resistance levels: 1.0485, 1.0780.



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