EUR/USD eases to 1.2320 post-ISM
- The pair fades the spike to session highs in the 1.2340/45 band
- USD stays bid and challenges the key 90.00 mark.
- US ISM Manufacturing surprised to the downside at 59.3 in March.
After testing highs in the vicinity of 1.2350 in early trade, EUR/USD is now correcting lower to the 1.2315/10 band despite the softer print from the US ISM Manufacturing.
EUR/USD offered post-data
The pair has reverted the initial spike and is now returning to the 1.2320 region in spite of US ISM Manufacturing dropped to 59.3 in March, more than initially estimated (60.1).
Still in the US docket, Markit’s manufacturing PMI came in at 55.6, also missing initial forecast.
Collaborating with the downside, the greenback managed to stage a decent rebound and is now flirting with daily tops in the critical 90.00 neighbourhood.
EUR/USD levels to watch
At the moment, the pair is advancing 0.01% at 1.2320 and a break above 1.2477 (high Mar.27) would target 1.2537 (high Jan.25) en route to 1.2557 (2018 high Feb.16). On the other hand, immediate contention emerges at 1.2282 (low Mar.29) followed by 1.2241 (low Mar.21) and finally 1.2206 (low Feb.9).