EUR/USD: 1.3180 Support Overcome; 1.3150/60 Bids Eyed

EUR/USD is on the defensive in the wake of the firmer than expected ISM figures. Also helping is a rise in the OFHEO home price index, a government report based on resales and refinancings. Small stops were seen below 1.3180 but bids are seen in the 1.3150/60 area which should keep further dips limited. Many stale EUR/USD longs have thrown in the towel, frustrated by the constant weight of EUR/JPY. Offers are seen toward 1.3200/05 near-term. EUR/USD is rebounding at the moment, trading at 1.3185.