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EUR/USD drifts back to European session lows ahead of ISM report at 2pm GMT
Earlier today the EUR/USD rose to a high at 1.0776. That high was just one pip shy of the 50 day moving average, at 1.0777. The fact that the Euro rose in the first place was questionable anyway, as noted here this morning. Well, as you can see it has run into a technical hurdle and rejected that at the first time of asking. As to whether there is a second attempt this afternoon probably rests with whatever we get from the ISM manufacturing index, at 2pm GMT. The markets are looking for a very slight improvement in that data. The consensus is for a reading of 49.1, compared to 48.7 posted in May. Now ahead of that we also get a revision to the June US Global manufacturing index, at 1.45pm GMT and that could have an impact too. That is expected to remain unchanged at 51.7. The EUR/USD has just now hit a European session low at 1.0743. It is currently trading at 1.0745
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