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EUR/USD shows signs of life after ISM

FXStreet (Córdoba) - EUR/USD received a minor boost and reached fresh daily highs after data showed US manufacturing activity expanded at a slower pace in September.

The US manufacturing PMI by ISM fell to 56.6 in September from 59.0 the previous month, below the 58.5 reading expected. Euro took advantage of poor US data and scored a high of 1.2639 but lost steam soon after. At time of writing, EUR/USD is trading at 1.2620, virtually unchanged on the day.

EUR/USD moves have lacked momentum as investors stay sidelined ahead of the European Central Bank decision Thursday and the US nonfarm payrolls Friday.

EUR/USD technical levels

In terms of technical levels, EUR/USD could find immediate supports at 1.2560 (Sep 6 2012 low), 1.2500 (psychological level/Sept 5 2012 low) and 1.2493 (Aug 31 2012 low). On the other hand, resistances are seen at 1.2639 (intraday high), 1.2663 (Sept 29 low) and 1.2700/01 (psychological level/Sep 30 high).

US: ISM Manufacturing PMI drops to 56.6 in September

The US ISM Manufacturing PMI fell to 56.6 in September from 59.0 in August, the Institute for Supply Management informed on Wednesday. Analysts expected less decrease to 58.5.
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