US Manufacturing Forecasted to Rise

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As the diagram shows, the EUR/USD rose to 1.4380 supported by yesterday's Stochastic Hourly Bull crossover.

However, the pair has slipped in the last couple of hours since the release of the Eurozone Annual Rate of Employment recorded an increased to 9.5% in July from 9.4% in June.

Should a Stochastic Bear crossover occur later today, then the EUR/USD could well test its support levels of 1.4255 and even 1.4225.

Whether this will happen or not could depend on the volatility that is likely to be generated during the US trading session by the release of key US fundamental data.

At 10am EST, the US ISM Manufacturing Index and Pending Home Sales figures are due to be published.

The ISM Manufacturing Index can certainly be a market mover and is forecasted to record an increase of 50.5 in August from 48.9 in July. Pending Home sales is also expected to register a sixth monthly consequent increase to 1.6% for July.