Trading is risky and your entire investment may be at risk

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

eurjpy trading

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.

Posted in Uncategorized
Disclaimer: The content of the Reports constitutes Marketing Communication and does not constitute Investment Advice or Investment Research or an offer for any transactions in financial instrument. The content of the Reports represents the view of our experts on a generic basis, and does not take into consideration individual readers personal circumstances, investment experience or current financial situation. In addition, the Reports have not been prepared in accordance with legal requirements designed to promote the independence of Investment Research, and are not subject to any prohibition on dealing ahead of the dissemination of Investment Research. Readers using the Reports should consider the possibility of encountering substantial losses. The past performance is not a guarantee of future results. Therefore, Goldenburg Group Limited shall not accept any responsibility for any losses of traders due to the use and the content of its Reports.
Trading is risky and your entire investment may be at risk