2 Dec 2013
EUR/USD retest lows after US data
FXstreet.com (Córdoba) - The EUR/USD edged somewhat lower and approached daily lows after the latest string of US data came in mixed.
While US construction spending dropped 0.3% in September, the ISM manufacturing PMI showed improvement in the sector, with the index reaching 57.3, its highest level since April 2011, versus 55.0 expected. The EUR/USD dipped on the data, but managed to hold a couple of pips above its daily low of 1.3525. At time of writing, EUR/USD is trading at the 1.3530 zone, recording a 0.4% loss on the day.
EUR/USD levels to watch
In terms of technical levels, if the EUR/USD breaks below 1.3525 (daily low) it could fall toward 1.3515 (Nov 26 low) and 1.3500 (psychological level). On the flip side, resistances on bounces could be found at 1.3615 (daily high), 1.3621 (Nov 29 high) and 1.3645 (Oct 3 high).
While US construction spending dropped 0.3% in September, the ISM manufacturing PMI showed improvement in the sector, with the index reaching 57.3, its highest level since April 2011, versus 55.0 expected. The EUR/USD dipped on the data, but managed to hold a couple of pips above its daily low of 1.3525. At time of writing, EUR/USD is trading at the 1.3530 zone, recording a 0.4% loss on the day.
EUR/USD levels to watch
In terms of technical levels, if the EUR/USD breaks below 1.3525 (daily low) it could fall toward 1.3515 (Nov 26 low) and 1.3500 (psychological level). On the flip side, resistances on bounces could be found at 1.3615 (daily high), 1.3621 (Nov 29 high) and 1.3645 (Oct 3 high).