Weaker Empire manufacturing data sends the dollar lower
The Empire Manufacturing data came in at -1. vs 7 estimate and that has sent the EURUSD higher (the dollar lower). The pair is testing the 50% of the move down from the May 2016 high at the 1.09775 level. Above that, there is a trend line that cuts across at 1.0993. A week ago (on Monday), the price opened above the trend line but quickly failed. Needless to say a break above (and staying above that level would be more bullish for this pair and traders will be looking up toward 1.1100 and 1.1128 (61.8%).
Forex technical analysis: EURUSD tests 50% of move down from 2016 peak
