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Forex: EUR/USD eases after drop in US ISM non-manufacturing PMI

By the end of the European morning, the EUR/USD found its daily high at 1.3567, from where it has been easing since, to test the 1.3500 psychological area. Ahead of the US ISM non-manufacturing PMI and the US opening triggered a bounce from 1.3502.

Once data got released, the pair started retracing gains again, from 1.3554 session high to 1.3530, currently. Non-manufacturing PMI surprised the market with a rise from 56.5 to 57.3 in January, beating the consensus of a drop to 55.8.

From 46.5, economic optimism in the US rose to 47.3 in January, according to IBD/TIPP, beating consensus of 46.1.
"The sell-off from 1.3710 high is already over with today's low at 1.3460, so the intraday bias is bullish, targeting 1.3590 resistance area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to one more dip towards 1.3390 support area, while 1.3710 isn't breached.

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