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1 Feb 2013
Forex: EUR/USD bounces from 1.3586 low to 1.3650 zone
The market felt compelled to touch Wednesday's low, at 1.3586, after the US NFP data, before bouncing back as the stronger than expected US ISM manufacturing PMI rose from 50.7 to 53.1 in January.
ISM prices paid rose from 55.5 to 56.5, higher than 56.0 consensus. Consumer sentiment in the US rose from 72.9 to 73.8 in January, beating the pessimistic consensus of 71.5. The EUR/USD is already back to 1.3650 zone.
“Yesterday's corrective pattern ended at 1.3540 low and the uptrend has been renewed, targeting 1.3780 area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key support at 1.3590 and crucial on the downside at 1.3540.
ISM prices paid rose from 55.5 to 56.5, higher than 56.0 consensus. Consumer sentiment in the US rose from 72.9 to 73.8 in January, beating the pessimistic consensus of 71.5. The EUR/USD is already back to 1.3650 zone.
“Yesterday's corrective pattern ended at 1.3540 low and the uptrend has been renewed, targeting 1.3780 area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key support at 1.3590 and crucial on the downside at 1.3540.