💶 $EURUSD staged a rebound in the American session and closed flat on Monday. The pair is having a hard time making a decisive move in either direction and extending its rangebound action at around 1.0900. ⬇️ Read more about the Euro here!
Business activity in the US manufacturing sector continued to contract in June, the ISM's monthly survey showed on Monday. The headline ISM Manufacturing PMI retreated to 46 in June from 46.9 in May, below market expectations of 47.2. Further details of the report showed that the Employment Index fell into the contraction territory at 48.1 and the inflation component, the Prices Paid Index, dropped to 41.8 from 44.2.
In the meantime, the Euro Stoxx 50 is up 0.3% in the European session and Germany's DAX 30 trades flat. In case market mood continues to improve, the Euro could stay resilient against the USD. Nevertheless, the risk perception is unlikely to provide a directional clue for EUR/USD.The 1.0930 level , descending trend line) aligns as key resistance for EUR/USD. A 4-hour close above that level could open the door for an extended rebound toward 1.0960 and 1.1000 .
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