Still in expansion territory, the ISM manufacturing PMI fell to 51.3 in January from 57.0 the previous month and below expectations of 56.0. The EUR/USD saw a quick spike to a fresh high of 1.3522 as the greenback weakened across the board. At time of writing, the pair is trading around 1.3515, recording a 0.2% gain Monday.
EUR/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet noted however that the bearish tone prevails in the pair. "1.3470 is still the key support to break to confirm another leg lower, eyeing the 1.3400 figure for today".
Bednarik locates immediate supports at 1.3470, 1.3440 and 1.3400 while she sees resistances at 1.3520, 1.3550 and 1.3590.
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