The ISM Non-Manufacturing, the most important sector of the American economy is published today. While it is expected to be low compared to October, which would be the second row, the index is still showing signs of recovery, though away from the level of 50 points.
In this context, the euro against the dollar recedes slightly, changing its trend from bullish to bearish in the short term, after the break of a trendline at 1.3090. Measured with Fibonacci, the next major stop is at 1.3030, 38.2% of the last bullish movement. However, the 4 hour chart still produces a dominant uptrend, far from being breached. A break of 1.2930 can be observed.
Different is the situation of other leading currencies, which still remain bullish in the short term. Both the British pound, as the Australian dollar and the Canadian dollar to a lesser extent, achieved a foothold against the dollar at this time, presenting some figures showing continuation of uptrend. It concerns the GBP/USD and the AUD/USD.
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