ISM falls to 10 year low and misses all estimates
The ISM data fell to a 10 year low at in the process missed all the estimates.
The USD has moved lower on the news.
EURUSD. The EURUSD moved above the 1.0938 low from Friday and the high for the day at 1.0907. The price has pushed to a high of 1.0920. The 1.0923 to 1.09263 is home to the swing lows from September 3 and September 12. The 100 hour moving average is also in that area at 1.09262. A move above that area should solicit more upside momentum. Traders will not be eying the 1.0900 to 1.0907 as support now (resistance is now support).
USDJPY: The USDJPY has moved sharply lower and in the process is back below swing highs from Friday and Monday at the 1.08175 level. The price is also move below a lower trendline at 108.02 ,and is currently testing its 100 hour moving average at 107.90 (blue line in the chart below). A move below will look toward the 200 hour MA (green line) and 100 day MA which are near each other at 107.755 to 107.765. The 50% of the down and up range comes in at 107.713.
The GBPUSD jas moved from a lower trend line back to the September 9 low at 1.22316. We currently trade at 1.2230, just below that level.
