3/21/2013 German Flash Manufacturing PMI (0430 EDT)
Forecast: 50.8
Actual: 48.9
Previous Revision: +0.2 to 50.3
SPIKE WITH 2ND PEAK
Started @ 1.2939 (0428)
1st Peak @ 1.2898 – 0429 (1 min)
41 ticks
Reversal to 1.2911 – 0430 (2 min)
13 ticks
2nd Peak @ 1.2887 – 0459 (31 min)
52 ticks
Reversal to 1.2927 – 0531 (63 min)
40 ticks
Notes: Report breaks 2 min early at 0428. The reading came in 0.9 points below the forecast to moderately disappoint while the services reading also came in 3.3 points lower than expected. This caused a large 41 tick short spike over 1 bar that crossed the PP Pivot and extended the LOD 32 ticks, bottoming outside of any key level of support. With JOBB you would have filled short at about 1.2928 with 7 ticks of slippage. Look to exit near the time of the bar expiring as it will typically finish at the extreme at about 1.2900 – 05 for about 25 ticks. After the 1st peak, it pulled back for 13 ticks, then stepped lower for 11 more ticks as the EUR flash report broke. Then it reversed for 40 ticks in about 30 min, crossing the 50 and 100 SMAs.