Traders frustrated as weak/strong data whip market around
The EURUSD fell back below the 50% (of the move down from the March 20 high) at 1.12785 and the 100 day MA at 1.2741 after the better than expected ISM Non-manufacturing data (56.9 vs 55.4 est and 55.5 last month).
Earlier ADP employment was much weaker than expectations, and that sent the dollar lower and the EURUSD above the technical levels.
The technical fail is the 2nd today. That's trading. The fact is both technical and fundamental traders are having a tough time of it as not only is the data in flux, but the markets are also being whipped around by:
- US-China
- US-Mexico
- Earlier in the week, the anti-trust headlines were an impact.
- Fed expectations
- A skittish stock market.
Speaking of the stock market, the Nasdaq has moved into the red. The S&P is just above unchanged now.
For the EURUSD, the ups and downs can lead to intraday traders sitting it out. For longer term traders, they too are baffled as the 100 day MA typically is barometer for them. Right now it looks like a big failure for the buyers.
