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11/21/2012 French Flash Manufacturing PMI (2200 HI time / 0300 EST)
Forecast: 44.1
Actual: 44.7
Previous Revision: +0.2 to 43.7
DULL REACTION
Started @ 1.2847 (2158)
1st Peak @ 1.2854 – 2159 (1 min)
7 ticks
Reversal to 1.2839 – 2211 (13 min)
15 ticks
Notes: Report breaks 2 min early at 2128. The reading came in only 0.6 points above the forecast to slightly impress. This also broke on the evening before the US Thanksgiving holiday with considerable less market volume. This caused a dull 7 tick long spike over 1 bars that had to contend with all 3 major SMAs and the R2 Pivot 2-7 ticks a few ticks above the origin. The light volume, narrow report offset, and close SMAs all restrained the initial spike. With JOBB you would have filled long at about 1.2850 with no slippage if you did not cancel the order. Look to exit in between the 50 and 100 SMAs with 2-3 ticks. After the 1st peak, it reversed to eclipse the R1 Pivot by 2 ticks for 15 ticks 11 min later. After that it trended upward back to the 200 SMA and traded sideways awaiting the German report results.