EUR/USD rebounds from 1.1320 back above 1.1350

EUR/USD back into positive territory, above 1.1350.
US ISM manufacturing surpasses expectations but US Dollar retreats.

Matías Salord FXStreet

The EUR/USD pair rose further but remained below European session highs. It climbed back above the 20-hour moving average, and it is trading at 1.1357, the highest level for the US session.

The move to the upside took place even after better-than-expected manufacturing data, although price indicators of the indexes showed declines. The Markit’s Manufacturing PMI came in at 55.3 in November while the ISM Manufacturing rose to 59.3 for the same period, above the 57.5 of market consensus. “2019 looks set to bring some fresh challenges for the US economy, but for the time being, the latest rebound in the ISM manufacturing survey emphasises that things still look very healthy,” said analyst at ING.

The greenback lost strength during the last hour and favored the move higher in EUR/USD. Price action remained limited over the last hours, with the greenback consolidating daily losses. The improvement in risk appetite after the Trump-Xi Jinping meeting weakened the demand for the US dollar.

EUR/USD Levels to watch

To the upside, resistance levels might be located at 1.1360 (session high / 50-hour SMA), 1.1380 (daily high) and 1.1400 (Nov 29 high). On the flip side, support could be seen at 1.1320 (daily low), 1.1300 and 1.1275.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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