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Spanish services PMI –The Spanish services PMI gave traders an optimistic impression about the economy. The end of the first quarter in 2015 saw a further sharp expansion in business activity at Spanish service providers linked to the strongest rise in new business since July 2000. The headline seasonally adjusted Business Activity Index rose to 57.3 in March from 56.2 in the previous month to signal a sharp increase in service sector output. That was the strongest one since last August.
Italy services PMI – It represents a slight upturn in the services sector. There was a positive end to the opening quarter for Italian services firms, with March survey data pointing to a growth of business activity and incoming new work in the tertiary sector. The headline seasonally adjusted Markit/ADACI Business Activity Index climbed to 51.6 in March from 50.0 in February, signaling growth for the second time in three months.
Upcoming events:
Today US FOMC meeting minutes will dominate the trade. German factory orders and Retail sales data are due for release today. Euro retail sales data provided positive readings for consecutive 3 months. This time, we expect positive readings from German factory data and retail sales as well. Eventually, US data will be dominated. Everybody is waiting for that.
Technical view:
At yesterday's session, the pair edged lower and was testing the 1.0800 support 20Dsma, which is likely to be critical to hold if bulls want to retest a high of 1.1050. The pair edged lower after testing the 1.1036 time frames look negative for the pair, with a possible double top pattern forming on four-hour charts, with tops around 1.1055. The support of this pattern stands at 1.0800 and if it gets broken, the pair is going to target 1.0700, which was the trend-change status. New swing highs above 1.1055 should be made to cancel this formation. In case the price fell below 1. 0700, the current short uptrend will be erased. The trading pattern is framed between 1.0700 and 1.1055. Any close is likely to add or lose 150 pips immediately. Until the pair closes above 1.0700, bulls hope to print 1.1300. Intraday resistance is seen at 1.0895 and 1.0910. Support is found at 1.0800 and 1.0700. In case the price closes below 1.0700, fresh new lows are likely to be made. We recommend selling below 1.0800 with targets at 1.0750 and 1.0715. Panic will be created below 1.0700 towards a new fresh low. In case the FOMC meeting minutes released pessimistic view, buy above 1.0920 with targets at 1.1000, 1.1030, and 1.1050. Big upswing looms above 1.1055.
Trade:
Selling below 1.0800, panic below 1.0700
Buying above 1.0920
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