The EUR/USD moved higher on Tuesday rebounding from trend line support and climbing toward trend line resistance. A stronger than expected retail PMI
The EUR/USD moved higher on Tuesday rebounding from trend line support and climbing toward trend line resistance. A stronger than expected retail PMI report buoyed the currency pair. Momentum is poised to turn higher as the MACD is about to generate a buy signal. Resistance is seen near a downward sloping trend line at 1.1300.
Eurozone retail PMI rose to 51.9 in September from 51.4 in August, led by a marked rise in the Italian reading, which jumped to 51.7 from 48.7. Of the big three only France remains stuck in construction territory, with the national PMI rising only marginally to 49.6 from 49.5. The German number meanwhile fell back to a still strong 54.0 in September from 54.7 in August.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
