Forex Zone (Forex Zone)
Czech markets  |  February 01, 2013 09:52:26

Official index differs from the index of HSBC

Last week we informed you that the Chinese flash PMI index from HSBC pointed to the highest activity growth in Chinese factories for the last two years. Tonight, however, was published official figures of the Chinese Bureau of Statistics, which showed that the PMI index fell in January to 50.4. In December, the index value of 50.6. Market expectations were that the index in January reaches 50.9, so that the published numbers were disappointing.

Single risky asset, which reacted to this, he was AUD, which overnight weakened. PMI index, however, usually has an impact on the U.S. stock index and EUR. U.S. indexes to the publication of this issue and respond practically EUR, which last weeks of life of its own, has strengthened overnight.

As regards developments in the monitored pair EUR / USD, so that in our opinion has little to do with the efficient market. Yesterday put in a very narrow range. It provided a good opportunity to trade in the direction of penetration. But it came very soon after the beginning of the Asian session, so we missed it. Price at the end of the Asian session tested the significant resistance around 1.3630 and it moves around and now (8:43).

EUR / USD is already in our view, in the process of emotional trend. Looking at the slope of the trend as the daily and weekly chart, it is only a matter of time before that comes catalyst (probably in the form of bad news) and the corrected price. Longování to 14 month highs at such a trend is risky. We will only consider short trades long after returning to significant price supportům. Yesterday and today we have seen the entry of new high sellers in the market, but it seems to us still very cautious. Therefore do not consider short trades. The major supports of today we see around 1.3590 and about 1.3550. We see significant resistance around 1.3660 and about 1.3700. Due to the absurd uptrend, which now prevails, they did not attach much less importance than usual.

Read also:

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