EUR/USD turns positive near 1.1180 post-ISM

A bout of selling pressure is now hitting the greenback, quickly sending EUR/USD to the area of daily tops near 1.1180.

EUR/USD higher on poor ISM

The pair has picked up further pace after US ISM Manufacturing has slipped to contraction territory during August, dropping to 49.4 vs. 52.0 expected and July’s 52.6. Further disappointment has come from Markit’s manufacturing PMI, coming in a tad lower to 52 vs. 52.1 forecasted.

In addition, July’s Construction Spending has come in flat vs. forecasts for a 0.5% gain, adding to USD-selling.

EUR/USD levels to watch

The pair is now advancing 0.11% at 1.1169 and a break above 1.1224 (2014-2016 resistance line) would open the door to 1.1367 (high Aug.18) and finally 1.1434 (high Jun.24). On the downside, the next support aligns at 1.1128 (low Sep.1) followed by 1.1121 (200-day sma) and then 1.1043 (low Aug.5).