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French PMI data beats forecasts- EUR/USD jumps to test technical level

The EUR/USD has just jumped to the next noted level at 1.0888. That was outlined here earlier and it is the price point of the 50 day moving average. It has more or less capped the recent jump higher in the EUR/USD, following the release of better than forecast French PMI data, released just a few moments ago. That data beat forecasts in both services and manufacturing and by quite some margin too. However, it is also worth noting; that these PMI readings are still south of the 50 level needed to signify expansion. In a few moments (at 8.30am GMT) we shall see if the German equivalent data endorses the improvements seen in the French numbers. The EUR/USD is just now trading at 1.0881

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