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Forex: EUR/US hovering over 1.3565/70 after US data
The single currency posted no reaction after the US Factory Orders grew 1.8% on a monthly basis during December, beating November’s flat print although below the 2.2% expansion forecasted.
The euro is extending its intraday decline on Monday, in line with the opinion of Jane Foley, analyst at Rabobank, when she commented, “Our non-consensus view that EUR/USD would push higher has been vindicated, but we can’t help but feel uncomfortable with EUR/USD at current levels and are concerned that a correction is on the cards”.
As of writing, the cross is retreating 0.58% at 1.3571 with the immediate support 1.3542 (low Jan.31) followed by 1.3483 (low Jan.30). On the other hand, a climb beyond 1.3660 (hourly high Feb.4) would bring 1.3711 (high Feb.1).
