EUR/USD around 1.1230 on US ISM
EUR/USD kept the composure following the release of the key US ISM manufacturing, staying within the daily range around 1.1230.
EUR/USD offered on data
The pair remains in the negative territory albeit reluctant to recede further ground despite the positive results from the ISM manufacturing, coming in at 54.9 for the month of May, slightly above expectations.
Further US data saw ISM employment also surprising to the upside, while Initial Claims ticked higher to 248K WoW, taking the 4-Week Average to 238.00K from 235.50K.
Spot met renewed downside pressure today following a pick up in the demand for the greenback, as expectations of a Fed’s move at its meeting later in the month stay on the rise along with yields in the US money markets, supported as well by today’s releases.
EUR/USD levels to watch
At the moment, the pair is losing 0.15% at 1.1227 facing the immediate support at 1.1165 (low May 31) followed by 1.1108 (low May 30) and finally 1.1073 (76.4% Fibo of 1.1300-1.0339). On the flip side, a breakout of 1.1257 (high Jun.1) would target 1.1268 (2017 high May 23) en route to 1.1300 (high Nov.9 2016).
