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EUR/USD Reverses Earlier Gains, Halts Decline After US Services Sector Data

While EUR/USD was moving up at the start of the current trading session, it halted its rally at 9:15 GMT and started to move down subsequently. The currency pair attempted to rebound following the release of US services sector data, but it had limited success so far.

Markit services PMI slid from 53.7 in December to 53.3 in January according to the final estimate. It was unchanged from the preliminary reading and in line with market expectations. (Event A on the chart.)

ISM services PMI climbed from 56.0% in December to 59.9% in January. The actual value exceeded the average forecast of 56.5%. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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