Forex: EUR/USD still at 1.2780 after US ISM
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EUR/USD
FXstreet.com (Barcelona) - The European morning plunge from 1.2843 daily high to below the 1.2800 psychological level found a first low at 1.2778 and then at 1.2768 as the morning ended. The NY opening didn't contribute much to change the situation. The EURUSD is ranging between the daily lows and the 1.2800 mark, mostly around 1.2780.
The release of the US non-manufacturing PMI by ISM didn't make any impact. The non-manufacturing PMI released by ISM fell from 55.1 to 54.2 in October, declining more than expected. Employment beat consensus and rose to 54.9, but new orders and prices paid disappointed.
Commerzbank analysts favor a drop below 1.2803 (October low) and further downside: ""Failure here is favoured and offers a downside measured target to 1.2483 (from the triangle 1.3172-1.3103)", wrote analyst Karen Jones, pointing to initial support at 1.2738 then 1.2605 (38.2% and 50% retracements), and initial resistance at 1.2985 ahead of 1.3121.
The release of the US non-manufacturing PMI by ISM didn't make any impact. The non-manufacturing PMI released by ISM fell from 55.1 to 54.2 in October, declining more than expected. Employment beat consensus and rose to 54.9, but new orders and prices paid disappointed.
Commerzbank analysts favor a drop below 1.2803 (October low) and further downside: ""Failure here is favoured and offers a downside measured target to 1.2483 (from the triangle 1.3172-1.3103)", wrote analyst Karen Jones, pointing to initial support at 1.2738 then 1.2605 (38.2% and 50% retracements), and initial resistance at 1.2985 ahead of 1.3121.
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