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EUR/USD falls to fresh lows after upbeat ISM non-manufacturing PMI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD turned lower and fell to fresh daily lows as the greenback got a lift from better than expected ISM non-manufacturing data.

    EUR/USD resumed the slide and broke through previous session lows and hit a new one at 1.1335 before finding support. At time of writing, EUR/USD is trading at 1.1350, recording a 0.32% loss on the day.

    ISM non-manufacturing PMI rose to 54.5 in March from 53.4 the previous month and beating expectations of 54.0. Meanwhile, Markit services gauge also showed improvement in the sector as the index rose to 51.3 versus 51.0 expected.

    EUR/USD levels to watch

    In terms of technical levels, EUR/USD could find next supports at at 1.1335/34 (Apr 5 & 1 lows), and 1.1287 (10-day SMA) ahead of 1.1232 (20-day SMA). On the flip side, resistances line up at 1.1412 (Apr 4 high), 1.1437 (Apr 1 high), 1.1494 (Oct 15 high) and 1.1560 (Aug 26 high).
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