Above 1.354 look for further upside with 1.3590 & 1.3605 as targets.
Comment: as long as 1.354 is resistance, look for choppy price action with a bearish bias.
At 48.6 in January, from 47.2 in December, the
Markit Eurozone PMI
®
Composite Output Index
rose to a ten-month high and came in above its
earlier flash estimate of 48.2. Although signalling a
further deterioration in output of the Eurozone
private sector economy, the rate of decline has now
eased for three straight months.
Both manufacturing production and service sector
business activity declined at the slowest rates since
last March, with similar modest rates of decline
seen in each sector.
Inflows of new orders fell at the slowest pace since
last February, dropping at reduced rates in both
manufacturing and services. Goods producers
continued to see the steeper rate of contraction.
A diverse picture was seen among the four largest
euro members, with strong growth in Germany –
output grew at the fastest rate for just over a yearand-a-half – contrasting with ongoing downturns in
France, Italy and Spain. Output in France fell at the
steepest rate of these four countries, registering the
fastest monthly decline since March 2009 and
causing the gap between the headline indices for
France and Germany to increase to the widest in
the survey history. The rate of decline also
accelerated slightly in Italy, but eased to a 19-
month low in Spain.
While Germany saw new orders rise for the first
time in 11 months, France, Italy and Spain all saw
rates of decline ease.
from Markit econmics
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