Philly Fed Index comes in at the higher level since April 2005

Written December 17, 2009 at 10:10 AM EST by  

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The Philadelphia Fed index rose to the highest level since April 2005 when it rose to 20.4.  The expectation was for a rise to 16.2.  In other economic news the Conference Board measure of Leading Indicators rose by 0.9% vs expectation of 0.8% gain.  It was the 8th straight increase for the release.

 The stronger numbers have pressured the EURUSD after the pair tested the 100 bar MA on the 5 minute chart at the 1.4371 level. 

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The EURUSD continues to consolidate at the bottom of the days range.  Watch the 100 bar MA for short term clues for intraday trading.  A move above should see modest buying but the trend remains largely bearish for the pair.  Look for resistance on a break at the 1.4390-1.4400 area.

Categories: Forex Trading  |  

One Response to “Philly Fed Index comes in at the higher level since April 2005”

  1. Shawn on December 17th, 2009 10:38 am

    Is this normal? Euros been dropping since 5125 with no pullback to the upside. I’ve been fortunate as my trailing stops are still intact. But considering lower lows and lower highs and MACD slowly strengthening. How epic are these pull backs going to be?

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