Forex Markets Remain Quiet Even After The Release Of Better ISM Data

The better ISM has not led to a higher stocks and this has stopped the move into the EURUSD for the time being.  The Dow is up just 10 points now after being up over 60 points earlier inthe day.  The EURUSD initially rose on the 10 AM report - reaching a high of 1.4624.   The price was not able to muster any interest above the 100 and 200 bar MA on the 5 minute which comes in at 1.4621.  We will be watching this level.  ON the downside, the 1.4589 level where the 100 hour MA is found.  A break of the 1.4621 level will next target the 200 hour MA at the 1.4637 currently. A move above this level targets t1.4662 - the midpoint of the recent move lower (see chart below).

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