Back
3 Oct 2013
EUR/USD spikes to fresh 8-month high
FXstreet.com (Córdoba) - The EUR/USD spiked to a fresh 8-month high at the beginning of the New York session after the ISM services PMI came in softer-than-expected, adding pressure to an already weak dollar.
EUR/USD underpinned by US services PMI
The Institute for Supply Management reported its services index fell to 54.4 in September from 58.6 in August, missing expectations of 57.4. EUR/USD jumped and printed a high of 1.3627, last seen Feb 4, before losing momentum and retreating to pre-data levels.
EUR/USD technical outlook
At time of writing, EUR/USD is trading at the 1.3610 zone, still 0.3% above its opening price. Valeria Bednarik, chief analyst at FXstreet.com notes that the pair holds a slightly bullish tone in the short-term. "Short term buyers had surged on approaches to the 1.3570/80 area, and only a break below will suggest further losses for today".
Bednarik locates immediate supports at 1.3570, 1.3535 and 1.3490, while she places next resistances at 1.3660 and 1.3710.
EUR/USD underpinned by US services PMI
The Institute for Supply Management reported its services index fell to 54.4 in September from 58.6 in August, missing expectations of 57.4. EUR/USD jumped and printed a high of 1.3627, last seen Feb 4, before losing momentum and retreating to pre-data levels.
EUR/USD technical outlook
At time of writing, EUR/USD is trading at the 1.3610 zone, still 0.3% above its opening price. Valeria Bednarik, chief analyst at FXstreet.com notes that the pair holds a slightly bullish tone in the short-term. "Short term buyers had surged on approaches to the 1.3570/80 area, and only a break below will suggest further losses for today".
Bednarik locates immediate supports at 1.3570, 1.3535 and 1.3490, while she places next resistances at 1.3660 and 1.3710.