EUR/USD uninspired by US PMIs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD edged a few pips down but overall remained little changed within its recent range following the release of better than expected US PMIs data.

    The Institute for Supply Management (ISM) manufacturing index dipped to 50.1 in October from 50.2 the previous month, but came in above the 50.0 expected. Still the reading was the lowest since May 2013. Meanwhile, construction spending rose by 0.6% in September versus a 0.5% increase expected.

    EUR/USD slid to the 1.1025 area but the dollar failed to hold gains amid lackluster readings. At time of writing, the pair was trading at 1.1038, still up 0.38% on the day.

    EUR/USD technical levels

    In terms of technical levels, on the upside, immediate resistances are seen at 1.1071 (Oct 30 high), 1.1095 (Oct 28 high) and then 1.1110 (200-day SMA). On the other hand, supports might be found at 1.0965 (Oct 30 low), 1.0896 (Oct 28 low) and 1.0847 (Aug monthly low).
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