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EUR/USD back below 1.1600 post-US ISM

  • The index fades the initial spike and returns below 1.1600 the figure.
  • The greenback met decent contention in the 95.00 area.
  • US ISM Manufacturing came in a tad below estimates in September.

EUR/USD has left behind the bullish attempt above the 1.1600 handle and it has now returned to the 1.1590/85 band.

EUR/USD looks to Italy

Spot has attempted a bull run to the 1.1620/25 region earlier in the day on some occasional weakness around the buck and optimistic headlines from the Brexit negotiations.

However, uncertainty around Italy still has the fiscal sector in centre stage and appears far from abated, undermining at the same time any serious recovery in spot.

In the data space, final September manufacturing PMIs in Euroland came in mixed, while the US ISM Manufacturing came in at 59.8 during last month, a tad below prior surveys.

EUR/USD levels to watch

At the moment, the pair is losing 0.13% at 1.1589 and a break below 1.1567 (low Sep.28) would target 1.1526 (low Sep. 10) en route to 1.1508 (low May 29). On the upside, the next hurdle aligns at 1.1658 (21-day SMA) seconded by 1.169 (10-day SMA0 and then 1.1815 (high Sep.24).

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