Talking Points:
- The US Dollar has tilted back-towards near-term resistance after a bag of mixed European PMI’s helped to hit the Euro[1]. EUR/USD[2] remains at confluent resistance, finding sellers in this area now for a fourth consecutive trading day. While many are ascribing the Euro’s lack of continued descent to a calm in European politics, be careful, as that situation remains fluid and resistance continues to show.
- The lone high-impact USD[3] announcement for this week is on the economic calendar[4] is scheduled for 10AM ET this morning with the release of ISM Non-Manufacturing/Services Composite. US non-manufacturing industries have now seen 99 consecutive months of expansion, as indicated by a read of greater than 50. Last month, this indicator came-in at 56.8 versus an expectation of 58.2 and a prior print of 58.8. The expectation for today is 57.6.
- DailyFX Forecasts on a variety of currencies such as the US Dollar[5] or the Euro[6] are available from the DailyFX Trading Guides page[7]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[8]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[9].
Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator[10].
US Dollar Holds Support, Moves Back to Confluent Resistance
The support that we looked at in the US Dollar yesterday[11] has held through the open of the week, and prices have tilted-higher, back-towards
