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Forex technical analysis: EURUSD ticks to new day highs after weaker data

Discussion in 'Technical Analysis' started by ForexLive, May 16, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Empire manufacturing weaker than expected The EURUSD got a little nudge higher after the weaker than expected Empire Mfg. data (-9.02 vs 6.5 estimate). The pair has been in a narrow trading range (now up to 33 pips for the day. The 22 day average is 81 pips). So it is not too hard to extend. The weaker data is in contrast to the better string of data that we had on Friday with retail sales and Univ. of Michigan consumer sentiment doing much better than expectations. The pair has room to roam. The day bias is more positive/corrective.

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