Following the significantly stronger than expected ISM Non-Manufacturing PMI in the US, the dollar is strengthening and is finding an already vulnerable euro.
EUR/USD dipped its legs below last week’s lows and the fresh low is 1.3363. Break or bounce?
The next line of support is 1.3325, and it dates back to the autumn of 2013. The really critical line is 1.3295, which was the November 2013 low.
Euro-zone data has been OK today, but it seems that markets are gearing up towards the rate decision on Thursday, and Mario Draghi’s subsequent press conference.
Here is our Market Movers podcast about it:
Here is how it looks on the chart:
