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Forex pairs in this Article » EUR/USD (Edinburgh) -The single currency is now bouncing off 1.3160, or 6-week lows, gathering some traction and returning to the 1.3170/75 region ahead of key US data from the Markit manufacturing PMI and ISM Manufacturing.

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Only an unexpected rise above last week’s 1.3453 high will allow gains to the 1.3500/20 region. This is not our favoured view and believe that the currency pair will see another leg lower towards 1.3050/25”.

In addition, Currency Analyst Lee Hardman at BTMU, noted, “The ECB will likely acknowledge the strengthening recovery in the euro-zone at their policy meeting in the week ahead but also stress that the pace of recovery is likely to remain only gradual supporting their commitment to maintain current or lower rates for an extended period. We maintain that the euro is likely to remain relatively stable in the near-term with limited downside”.
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