Forex: EUR/USD resumes gains after EMU unemployment rate

FXstreet.com (Barcelona) - The EUR/USD run went for a quick stoppage time, after a European morning rally triggered by better than expected manufacturing PMI in the Eurozone being capped at 1.3671. However, as there is little resistance at these areas, the pair is easily extending higher, now at 1.3675 high.

EMU unemployment rate was just released, still at 11.7% in December, instead of rising to 11.9% as expected. EMU Markit manufacturing PMI rose from 46.1 to 47.8 (consensus of 47.4).

The German figure rose from 46.0 to 49.8 (consensus of 48.8). The Italian manufacturing PMI came up from 46.7 to 47.8 (consensus of 47.4) and the Spanish data rose from 44.6 to 46.1 (consensus of 45.5). The French manufacturing eased from 44.6 to 42.9, as expected.

“Yesterday's corrective pattern ended at 1.3540 low and the uptrend has been renewed, targeting 1.3780 area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to a positive intraday bias with a key support at 1.3590, and 1.3540 crucial on the downside.

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