EUR/USD (current price: 1.1200)
The Euro rose back above the key resistance level at 1.1185 yesterday following the bearish U.S. releases. Construction Spending and the ISM Manufacturing PMI both came in way below expectations with readings of 0.0% and 49.1 respectively, as the industrial segment remains the weakest part of the U.S. economy. The most traded currency pair remains stuck in a neutral long-term trading range, despite the recent rally of the Dollar, as traders are still unsure about the timing of the next rate hike by the Federal Reserve.
Our assessment: The common currency rebounded off the 200-day MA yet again this week, and the pair is still trading without a clear direction, between the 1.095 support and the 1.1375 resistance.
