EURUSD benefits from Chinese data

The euro was stable against the dollar during the today’s Asian trading after a Chinese purchasing index reached its 7-month high, increasing traders’ hopes for a global recovery.

During the morning Asian trading today, the currency pair EURUSD was traded at 1.3008, above the bottom of 1.2987, and away from 1.3010 highs.

The pair EURUSD was supposed to find support at 1.2881, which is a bottom from Wednesday’s session, and resistance at 1.3028, a top from Friday.

EURUSD
EURUSD, H4

China Logistics Information Center showed in its report that Chinese Manufacturing PMI increased to an annual rate of 50.60 for November compared to 50.20 from the previous month.

At the same time the euro was higher against the pound and firm against the yen, with EURGBP reaching 0.8115, and EURJPY trading at 107.12.

Later today, Spain and Italy are going to show official data on manufacturing activity, which is basic indicator of economic health.

Besides, eurozone finance ministers are expected to make discussions in Brussels concerning the debt crisis.

The American Institute of Supply Management is about to produce a report on manufacturing growth.

Levels of support for EURUSD: 1.2879, 1.2660, 1.2499;
Levels of resistance for EURUSD: 1.3019, 1.3138;

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