Euro gains strength against the U.S Dollar

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Intraday bias on the pair remains on the upside after data showed that private sector activity in the euro zone got off to a strong start in 2014, as growth picked up in Germany, while the rate of the downturn in France eased.

Technically, the pair was able to break 1.3580 resistance of the week successfully with MACD, Stochastic, RSI and 55EMA all signaling on the 1hr and 4hrs charts that room for more buying to 1.3765 resistance (weekly R2) by the bulls is possible before the week ends.

The Euro also showed strength after data revealed that manufacturing activity in Germany expanded to 56.3 from a 54.7 forecast by economist, the fastest pace since May 2011 this month.

Elsewhere in the U.S economy, the number of people who filed for unemployment assistance last week rose to 326,000, the Labor Department said, up from the previous week’s revised total of 325,000. Also a report showed that U.S. existing home sales increased 1% to 4.87 million units last month from 4.82 million in November, undershooting expectations for an increase to 4.94 million, extending weakness for the greenback.



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