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Forex: EUR/USD stabilizes at 1.3030 ahead of NY session

Investors got surprised by Services PMI figures in European countries, particularly Germany and France, and pushed the EUR/USD higher to 1.3076, but there wasn't much follow up afterwards and the market retraced those gains back to the opening price, and printed a low at 1.3016. Since then, price action is stabilizing around 1.3030.

The big event of today in the US session is the US non-manufacturing ISM index, expected to ease its expansionary pace from 55.2 to 55.0 in February. “We see slight downside risks and are looking for 54.2, but markets may focus on the employment sub-index more than the headline itself, with nonfarm payrolls coming up on Friday”, wrote TD Securities analysts.

“Studies on 4h chart, from the other side, remain negative, with the upper consolidation range barrier at 1.3040 zone, reinforced by descending 20 day EMA, limiting recovery attempts and guarding 1.3065 (50% of 1.3161/1.2965 / daily Ichimoku cloud top) and 1.3100 (round figure / 01 Mar high)”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to a break of the latter to give initial recovery signal. “However, clearance of 1.3161, 28 Feb high, is required to confirm near-term base”, he added and saying that bearish resumption through 1.3000/1.2965 would target 1.2908.

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