Forex traders received a heavy dose of PMI data out of the Eurozone, where the final January readings were reported out of France, Germany, and the whole of the Eurozone. Italy reported preliminary data, and most reports except for France delivered an upside surprise, with France being revised lower. The EURUSD moved into its horizontal support area, how will price action be impacted by US data? Today’s fundamental analysis will take a look at price action in both directions.

Today’s US data will feature the key ISM Non-Manufacturing Index, which is expected to move the US Dollar. The ADP report will offer a first look at what to expect from Friday’s NFP report, where economists expect a slowdown from the previous month’s strong reading. With the EURUSD at a strong support area, will bears continue to pressure this currency pair to the downside, or are bulls ready to step in? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.