EUR/USD back below 1.0600 on upbeat ISM

EUR/USD has quickly come down to test the 1.0600 neighbourhood after the publication of the US ISM Manufacturing.

EUR/USD trims gains on data

Spot left the area of 1.0630/35 to test sub-1.0600 levels after US ISM Manufacturing has surpassed market expectations during November, rising to 53.2 vs. forecasts for a 52.2 gain and up from October’s 51.9.

In addition, Markit’s Manufacturing PMI has also followed suit, improving to 54.1 during the same period.

Today’s results have motivated the greenback to trim part of the daily losses, although it still trades within the negative territory.

EUR/USD levels to watch

The pair is now up 0.10% at 1.0602 and a break above 1.0685 (high Nov.28) would target 1.0700 (23.6% of the November drop) en route to 1.0820 (low Mar.10). On the flip side, the immediate support aligns at 1.0515 (2016 low Nov.24) followed by 1.0457 (2015 low Mar.16) and then 1.0332 (monthly low January 2003).