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1 Jul 2014
EUR/USD challenges 1.3700 after ISM
FXStreet (Córdoba) - The EUR/USD jumped to fresh daily highs after the ISM manufacturing PMI came in weaker than expected.
The ISM PMI fell to 55.3 in June versus 55.8 expected, signaling the US manufacturing sector expanded at a slightly slower pace. The EUR/USD pushed higher and printed a fresh high of 1.3699, but lacked momentum to break above the 1.3700 psychological level. At time of writing, the EUR/USD is trading at 1.3685, right where it was pre-data and virtually unchanged on the day.
EUR/USD technical levels
As for technical levels, if the EUR/USD breaks above 1.3700 (psychological level) next resistances could be found at 1.3722 (May 21 high) and 1.3738 (100-day SMA). On the flip side, supports are seen at 1.3575 (Jun 26 & 23 lows),1.3563 (Jun 20 low) and 1.3540 (Jun 18 low).
The ISM PMI fell to 55.3 in June versus 55.8 expected, signaling the US manufacturing sector expanded at a slightly slower pace. The EUR/USD pushed higher and printed a fresh high of 1.3699, but lacked momentum to break above the 1.3700 psychological level. At time of writing, the EUR/USD is trading at 1.3685, right where it was pre-data and virtually unchanged on the day.
EUR/USD technical levels
As for technical levels, if the EUR/USD breaks above 1.3700 (psychological level) next resistances could be found at 1.3722 (May 21 high) and 1.3738 (100-day SMA). On the flip side, supports are seen at 1.3575 (Jun 26 & 23 lows),1.3563 (Jun 20 low) and 1.3540 (Jun 18 low).