Another Monday brings another surprise in American figures, this time for the upside. This triggers risk appetite – the dollar weakens across the board, apart from the Yen. But last week’s fear is far from over – EUR/USD couldn’t climb back. It looks like the pair is back in the range, waiting for developments, and there are plenty of things to move it later in the week. ISM Manufacturing PMI rose to 53.7 points, and significantly exceeded expectations for a rise from 49.9 to 50.1 points. A rise above 50 points means that purchasing managers are expecting economic expansion. This figure alone is a good reason for celebration. Pending Home Sales leaped by 6.1%, continuing the sharp rise of 6.4% last month. Expectations were for a small rise of 0.1%. This publication came at the same time as the PMI. Also this was an excellent reason to celebrate, and to put fear aside for a while. In this crazy market of global crisis, good economic indicators in the US mean hopes for global recovery, which mean appetite for stocks, oil, gold and other currencies. There’s another “risk” currency – the Japanese Yen. The dollar yen correlation worked again, with USD/JPY jumping. This correlation makes the Yen crosses attractive for long positions. The dollar reacted with a fall across the board. EUR/USD climbed and stopped at the resistance line of 1.4842. These figures weren’t enough to take it above the same line that it fell from last Monday. Last Monday’s CB Consumer Confidence caused panic – panic that sent EUR/USD below this line. EUR/USD reached 1.4840 and began retreating once again. It now trades at 1.4817. Looking at today’s trade, the pair is bound by this resistance line and1.4683, that was also the bottom last week. I recommend reading Casey Stubbs’ article that summarizes last week’s trading in EUR/USD. Was the trendline broken? See the EUR/USD Forecast for more on the Euro’s week. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading NewsOpinions share Read Next Forex Daily Outlook – November 3rd 2009 Yohay Elam 12 years Another Monday brings another surprise in American figures, this time for the upside. This triggers risk appetite - the dollar weakens across the board, apart from the Yen. But last week's fear is far from over - EUR/USD couldn't climb back. It looks like the pair is back in the range, waiting for developments, and there are plenty of things to move it later in the week. ISM Manufacturing PMI rose to 53.7 points, and significantly exceeded expectations for a rise from 49.9 to 50.1 points. A rise above 50 points means that purchasing managers are expecting economic expansion. This… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.