Forex: EUR/USD up aheaf of US data
FXstreet.com (Barcelona) – The bloc currency is inching higher ahead of the ISM manufacturing index (53.0 exp.) and the Construction Spending (+0.5% exp.), both due later on in the US. Market participants will closely follow these indicators after yesterday’s weaker than expected data prompted investors to think the US recovery could be faltering.
Price action will also hinge on Fed’s members speeches throughout the day.
As of writing, the cross is up 0.20% at 1.3268, facing the first hurdle at 1.3281 (Upper Bollinger) followed by 1.3283 (high Feb.29) then 1.3368 (high Apr.3) and 1.3385 (high Mar.27).
On the downside, a breach of 1.3200 (MA10d) would open the door to 1.3159 (MA21d) then 1.3157 (low Apr.27) and 1.3115 (MA100d).