FXstreet.com (Barcelona) - Market participants got spooked by the disappointing US September Chicago PMI data that dropped to the contractionary side of the field, from 53.0 to 49.7. Now, the outlook for the ISM figure released on Monday may be deteriorating.
The data released triggered a plunge that extended below the recent 1.2915/35 range and even breached the 1.2900 psychological level. The EUR/USD is currently trading at 1.2892 area, edging lower on the day by -0.14%.
The EUR/USD is currently at a range of 1.2915/35. Commerzbank analysts expect an attempt at recovery after the test of the 200-day moving average, at 1.2825: “It is possible that this correction lower is over and the market will try the topside (favored), however we remain unable to rule out a stab down to the trendline support at 1.2649 prior to recovery”, wrote analyst Karen Jones, expecting good interim resistance at 1.3050 ahead of 1.3150/80.
The data released triggered a plunge that extended below the recent 1.2915/35 range and even breached the 1.2900 psychological level. The EUR/USD is currently trading at 1.2892 area, edging lower on the day by -0.14%.
The EUR/USD is currently at a range of 1.2915/35. Commerzbank analysts expect an attempt at recovery after the test of the 200-day moving average, at 1.2825: “It is possible that this correction lower is over and the market will try the topside (favored), however we remain unable to rule out a stab down to the trendline support at 1.2649 prior to recovery”, wrote analyst Karen Jones, expecting good interim resistance at 1.3050 ahead of 1.3150/80.
