Surprising data from the US economy cause dynamic upward movement at EURUSD. The ISM index was lower than forecasts. Instead of the expected 50,4 index dropped to 46,6 which means entry into the recession zone. Currently EURUSD moves under low volatility and since 1,5 months there wasn’t bigger rebound. Also price rebounded today from 1.0570 level which is the last support before this year’s low.
This all may indicate that it’s time for an upward correction. Targets for the bulls are located at: 1.0640, 1.0690, 1.0760. Stronger upward movement is currently unlikely until Thursday, when ECB meeting takes place. The market expects further easing of monetary policy, and this should lead to further declines in EURUSD.
Try FX GROW. Spread from 0.00001 also STP/ECN execution, full transparency.
Enter the game PIP WARS – live trading contest
