EUR/USD near session highs after German data not as bad as feared

The latest German factory orders data was expected to show a fall of around 2% in October. It has just been released and it was not quite that bad. Orders fell by 1.5%. Granted that is not exactly positive, but certainly not as bad as it might have been. In truth it looks like we will need to see the November data for a better insight on how that really is right now. So, the EUR/USD has not fallen on this news. In fact it has nudged a little higher. The EUR/USD is still struggling to make headway overall though and that has seen it parked south of 1.0550 all week so far. That said, the immediate chart looks a little more supportive over the past couple of days. However, if it is to rebound with more aplomb it still needs to make a sustained move above the 1.06 handle and that is something it has failed to do since hitting a low on November 22, at 1.0335. The range seen so far today has been covered by 1.0508 to 1.0531. The Euro closed last night at 1.0511 and it is currently trading at 1.0530