The Institute for Supply Management in the US (ISM) reported the non-manufacturing economic activity data in the country for the month of October on Tuesday.
According to the findings of the report, the index has increased to 54.7 per cent surpassing the observed 52.6 per cent in the month before.
Additionally, October's performance exceeded the initial market expectations, which were for only 53.5 per cent.
Anthony Nieves, Chair for the Institute for Supply Management, commented on the performance by stating that:
“The NMI® registered 54.7 percent, which is 2.1 percentage points above the September reading of 52.6 percent. This represents continued growth in the non-manufacturing sector, at a faster rate. The Non-Manufacturing Business Activity Index increased to 57 percent, 1.8 percentage points higher than the September reading of 55.2 percent, reflecting growth for the 123rd consecutive month.”
Because of the evident improvement in the capacities of the US economy, the dollar was strengthened during Tuesday's trading session.
The EURUSD depreciated by 0.49 per cent and closed just below the crucial support level at 1.10766.
The price appears to have formed a double top pattern on the daily chart, and if the bearish sentiment is confirmed, the pair can be expected to test the strength of the 23.6 per cent Fibonacci retracement at 1.10175.
Ongoing talks between the US and Chinese delegates regarding the termination of the trade war are likely to support further the moderately growing strength of the greenback, which in turn will put additional pressure on the EURUSD.
EURUSD 1D Chart. Image source: Trendsharks ©, created with TradingView.com
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