The common currency initially fell to a fresh two-year low on the Fed announcement. But the currency pair managed to recover, posting some modest gains on the day. The rebound was helped by the US ISM manufacturing PMI which fell to 51.2, while construction spending was down 1.3% on the month.
Can the EURUSD Maintain the Upside?
The EURUSD currency pair’s rebound saw prices retesting the trend line from below. This potentially indicates a dynamic resistance area. If the currency pair fails to break out above this level, we anticipate price to retreat. For the moment, EURUSD is likely to remain within Wednesday’s lows.
