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EUR/USD sidelined around 1.3060/65

FXstreet.com (Barcelona) - The shared currency is trading in a narrow range on Tuesday, retreating from yesterday’s highs above 1.3100 to the current area around 1.3060/65.

Disappointing US ISM manufacturing on Monday sparked a wave of selling orders in the greenback, lifting EUR/USD to fresh 4-week highs in the vicinity of 1.3110, although its upside momentum run out of steam later. “In the short term we would be cautious as the market is very long the dollar and as the dollar gave back less than what would probably have been expected given the size of the drop in the ISM”, signaled Kasper Kirkegaard, Senior Analyst at Danske Bank.

As of writing, the pair is losing 0.07% at 1.3067 and a break below 1.2944 (low May 31) would expose 1.2939 (MA10d) and finally 1.2934 (low May 30). On the flip side, resistance levels align at 1.3110 (MA100d) followed by 1.3194 (high May 8).

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The USD resumed the small correction higher during the Asia-Pacific trade after finding some bids in early NY session at the 83.5 key level of USD index as major Fibo retrace of previous daily up leg from early Feb lows. EUR/USD printed session lows at 1.3055, and AUD/USD at 0.9685, while USD/JPY posted session highs near 99.85.
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The pair have extended last weeks on the first day of this week when disappointing economic data for the US was released in the form of ISM (49.0 vs 51.0 expected) and the dollar was sold of across the board.
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