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Forex: EUR/USD in session highs after German PMI

The single currency is posting fresh highs above 1.3070 after better-than-expected services PMI prints from France, Germany and the euro zone as a whole, leaving behind the drops from Italy and Spain.

Although the services component is not as important as the manufacturing sector in the euro area, traders were in much need of good news, exacerbating the results ahead of the ECB gathering due on Thursday. Next on tap would be the EMU’s Retail Sales, expected to improve during January.

At the moment, the pair is up 0.35% at 1.3072 and a surpass of 1.3101 (high Mar.1) would bring 1.3108 (MA10d) and then 1.3114 (Ichimoku Cloud Base).
On the flip side, support levels line up at 1.3018 (low Mar.5) ahead of 1.2982 (low Mar.4) and then 1.2966 (2013 low Mar.1).

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German PMI Services decreased to 54.7 points in February, from 55.7 points in January, according to data released today by Markit. The result is above market consensus of a fall to 54.1 points.
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EMU: PMI Composite falls slightly in February

Eurozone PMI Composite contraction accelerated, by falling to 47.9 points in February, from 48.6 points in January, according to data released today by Markit. Analysts expected a slightly sharper decline to 47.3.
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