FxWirePro: EUR/USD reverses recent rally, bias back to downside
EUR/USD pair declined in the US session after data showed US factory data expanded in May. U.S. manufacturing activity expanded for a third straight month in May. The Institute for Supply Management (ISM) said its index …
EUR/USD pair declined in the US session after data showed US factory data expanded in May.
U.S. manufacturing activity expanded for a third straight month in May. The Institute for Supply Management (ISM) said its index of national factory activity increased half a percentage point to a reading of 51.3 last month.
The after the data release pair decline from 1.1180 levels to hit low at 1.1147 before rebounding slightly to trade at 1.1169 levels.
Further upside is expected to be limited as the pair faces strong resistance at 1.1233 which should limit upside and bring decline towards lower levels in the short term.
To the upside, the strong resistance can be seen at 1.1233, a break above will take the pair towards next resistance level at 1.1292.
To the downside immediate support can be seen at 1.1122 levels, a break below will open gates towards 1.1097 levels.
