1 Jul 2013
EUR/USD edges higher after US ISM
FXstreet.com (New York) - The EUR/USD technical pair managed to retrace some of its lost gains Monday, having still been unable to pierce the 1.3000 downside barrier Monday.
In the United States, Construction Spending (MoM) grew only +0.5% in May, against expectations of +0.6%. Moreover, the ISM Manufacturing PMI yielded a figure of 50.9 in June, beating a projection of 50.5. Finally, ISM Prices Paid (June) came in at 52.5, exceeding estimates of 51.5.
EUR/USD on the rise?
Despite the recent uptick, the pair remains entrenched in positive territory at 1.3035 Monday, well off highs of 1.3067 – at this juncture the EUR/USD is operating +0.17% above its opening. Consistent with the calculations of the Mataf.net analyst team, pair will face supportive means at 1.3080, then 1.3148, and eventually 1.3192. Conversely, a break below 1.2968 will initiate support at 1.2924 and 1.2856.
EUR/USD looks to test April lows
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD’s small bounce from 1.2998, the 61.8% retracement of the move higher from April, took it to 1.3103 on Friday, before the currency pair dropped again. Directly below the market is the 1.2932/1.2885 band (55-week MA, 78.6% retracement and the 2012-2013 support line). We suspect this will hold the initial test ahead of losses to 1.2796, then the 1.2740 April low.”
In the United States, Construction Spending (MoM) grew only +0.5% in May, against expectations of +0.6%. Moreover, the ISM Manufacturing PMI yielded a figure of 50.9 in June, beating a projection of 50.5. Finally, ISM Prices Paid (June) came in at 52.5, exceeding estimates of 51.5.
EUR/USD on the rise?
Despite the recent uptick, the pair remains entrenched in positive territory at 1.3035 Monday, well off highs of 1.3067 – at this juncture the EUR/USD is operating +0.17% above its opening. Consistent with the calculations of the Mataf.net analyst team, pair will face supportive means at 1.3080, then 1.3148, and eventually 1.3192. Conversely, a break below 1.2968 will initiate support at 1.2924 and 1.2856.
EUR/USD looks to test April lows
According to Karen Jones, an analyst at Commerzbank, “The EUR/USD’s small bounce from 1.2998, the 61.8% retracement of the move higher from April, took it to 1.3103 on Friday, before the currency pair dropped again. Directly below the market is the 1.2932/1.2885 band (55-week MA, 78.6% retracement and the 2012-2013 support line). We suspect this will hold the initial test ahead of losses to 1.2796, then the 1.2740 April low.”