EUR/USD dipped through uptrend support at 1.4712 earlier in the session but survived a test of recent lows around 1.4680/85 and has since recovered nicely. We’d expect the 1.4860 area to contain rebounds in the near-term.
Disappointing ISM could be the catalyst for a fresh probe of the area of support below 1.4700. A series of weak regional Fed surveys have me looking for a weaker-than-forecast survey. Economists expect 53.0. EUR/USD trades at 1.4773 in early New York trade, supported by a bounce in S&P futures which are up almost 5 points.
