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EURJPY: Euro Bid as Eurozone’s optimism rises to decade highs

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The single currency was trading higher on Thursday, with the EURJPY cross gaining some bullish momentum after yesterday’s decline. The euro was 0.25% stronger during the London session, hovering around 131.80.

According to the data released earlier in the day, the German manufacturing PMI rose to 81 month highs of 62.5 in November, while services PMI rose to 54.9 from 54.7 booked previously. The Eurozone manufacturing PMI rose to the highest level in 211 months and scored 60.0 in November, whilst the services sector rose to 56.2, its highest in 6-months.

The euro rose around 0.20% after these positive numbers and EU stocks also erased their intraday losses, with German DAX jumping into positive territory.

Later in the day, the ECB monetary policy meeting accounts will be released, which might also spur some volatility.

The cross is now testing a very strong demand zone around 131.40/60, where previous lows and highs are converged, along with the 100 day moving average. If the cross holds this support, the bullish trend could still be intact. However if broken, the bullish momentum could falter and the next target would be at 130.00.

The resistance for today’s trading is seen at 132.00 and if bulls will be stronger, further advancement toward 132.40 might occur. In all cases we strongly recommend to have rigorous money and risk management.

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