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4 Jan 2016
EUR/USD hits fresh 2-week lows despite US data
FXStreet (Córdoba) - EUR/USD was unable to pick up momentum and came under renewed pressure instead following the release of below-expectations US ISM manufacturing index.
US ISM manufacturing index dropped to 48.2 in December, its lowest level since June 2009, also below the 49.0 expected. Separated data showed construction spending fell 0.4% in November, missing consensus of a 0.5% rise.
However, EUR/USD failed to benefit from disappointing US data and even scored fresh lows following the release. At time of writing, EUR/USD is trading at 1.0825, 0.4% below its opening price.
EUR/USD levels to consider
On the downside, next supports are now seen at 1.0795 (Dec 7 low) and 1.0700 (psychological level), while on the upside, resistances could be faced at 1.0990/93 (Dec 28 & 29 highs), 1.1010 (Dec 10 high), 1.1046-48 (100-day SMA/50-week SMA) and 1.1095 (Oct 28 high).
US ISM manufacturing index dropped to 48.2 in December, its lowest level since June 2009, also below the 49.0 expected. Separated data showed construction spending fell 0.4% in November, missing consensus of a 0.5% rise.
However, EUR/USD failed to benefit from disappointing US data and even scored fresh lows following the release. At time of writing, EUR/USD is trading at 1.0825, 0.4% below its opening price.
EUR/USD levels to consider
On the downside, next supports are now seen at 1.0795 (Dec 7 low) and 1.0700 (psychological level), while on the upside, resistances could be faced at 1.0990/93 (Dec 28 & 29 highs), 1.1010 (Dec 10 high), 1.1046-48 (100-day SMA/50-week SMA) and 1.1095 (Oct 28 high).