1 Aug 2013
EUR/USD plunges on mixed US data
FXstreet.com (New York) - The EUR/USD foreign exchange rate again plummeted Thursday, this time on the heels of mixed US economic data.
In the United States, the ISM Manufacturing PMI (July) came in at 55.4, beating estimates of 52.0. Moreover, Construction Spending (MoM) fell -0.6% in June, relative to expectations of +0.4%.
Presently, EUR/USD is now testing the 1.3215 level, opening up more losses and now incurring a fall of -0.68% off its opening. Technically speaking, The Danske Research team calculates short-term supports for the EUR/USD at 1.3207 (following recent breaks below 1.3265, ahead of 1.3234)
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “Trading below 1.3315 levels is negative and positivity won't return again for the EUR/USD without breaching the referred to level, as trading below it might extend bearishness. Breaking 1.3205 might extend the downside move towards 1.3165 and 1.3115 levels.”
In the United States, the ISM Manufacturing PMI (July) came in at 55.4, beating estimates of 52.0. Moreover, Construction Spending (MoM) fell -0.6% in June, relative to expectations of +0.4%.
Presently, EUR/USD is now testing the 1.3215 level, opening up more losses and now incurring a fall of -0.68% off its opening. Technically speaking, The Danske Research team calculates short-term supports for the EUR/USD at 1.3207 (following recent breaks below 1.3265, ahead of 1.3234)
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “Trading below 1.3315 levels is negative and positivity won't return again for the EUR/USD without breaching the referred to level, as trading below it might extend bearishness. Breaking 1.3205 might extend the downside move towards 1.3165 and 1.3115 levels.”