The ISM Non-Manufacturing PMI (Purchasing Manager Index) is based on a survey of purchasing managers in sectors other than manufacturing. Respondents are surveyed for their view of the economy and business conditions in the US. This important economic indicator is released during the first week of every month. Update: ISM Non-Manufacturing PMI jumps to 58.7 – USD rises – EUR/USD close to the edge Here are all the details, and 5 possible outcomes for EUR/USD. Published on Tuesday at 14:00 GMT. Indicator Background Market analysts are always interested in the views of purchase managers on the economy, as the latter are considered to be attuned to the latest economic and financial developments, and their expectations could be an indication of the health of the economy. The PMI continues to point to expansion in the services sector. Last month, the index came in at 56.0 points, very close to the estimate of 56.2 points. Little change is expected in the July release, with an estimate of 56.6 points. Sentiments and levels Although the euro is trading at lower levels, inflation remains too far from the ECB’s target. And while it takes time for June’s wide measures to kick in, Mario Draghi may decide not to wait and try to talk the euro down in various ways, as that would certainly help in achieving his mission. In the US, the excellent data that we’ve received is likely to keep the dollar bid for quite some time, even though there is no timetable as to when the US rate hike will actually occur. Thus, the overall sentiment is bearish on EUR/USD towards this release. Technical levels, from top to bottom: 1.3585, 1.3550, 1.35, 1.34, 1.3325 and 1.3295. 5 Scenarios Within expectations: 54.0 to 59.0: In such a case, EUR/USD is likely to rise within range, with a small chance of breaking higher. Above expectations: 59.1 to 63.0: An unexpected higher reading can send the pair below one support line. Well above expectations: Above 63.0: Such an outcome could result in the pair breaking below a second support line. Below expectations: 50.0 to 53.9: A weak reading could lead to EUR/USD breaking above one resistance line. Well below expectations: Below 50.0: A reading close to or below 50, which marks contraction, could result in the pair pushing below a second support level. For more about the EUR, see the EUR/USD forecast. To follow this event live: [do action=”calendar-event” eventid=”6c5853c1-a409-4722-bdea-17ad5d8a193f”/] Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Opinions share Read Next ISM Non-Manufacturing PMI jumps to 58.7 – USD rises Yohay Elam 8 years The ISM Non-Manufacturing PMI (Purchasing Manager Index) is based on a survey of purchasing managers in sectors other than manufacturing. Respondents are surveyed for their view of the economy and business conditions in the US. This important economic indicator is released during the first week of every month. Update: ISM Non-Manufacturing PMI jumps to 58.7 - USD rises - EUR/USD close to the edge Here are all the details, and 5 possible outcomes for EUR/USD. Published on Tuesday at 14:00 GMT. Indicator Background Market analysts are always interested in the views of purchase managers on the economy, as the… Regulated 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.