When are the US Durable Goods Orders and how could they affect EUR/USD? – by hareshmenghani EURUSD UnitedStates EconomicIndicator Fed Currencies
30 GMT. The report is expected to show that headline orders rose by 0.8% during the reported month as compared to the 1% fall reported in February. Orders excluding transportation items, which tend to have a broader impact, are anticipated to register a modest 0.2% decline in March.Ahead of the key macro data, the emergence of fresh selling around the US Dollar lifts the EUR/USD pair back above the 1.1050 level, closer to a one-year high touched earlier this month.
In contrast, the market reaction to stronger US macro data is likely to be short-lived and do little to provide any respite to the USD bulls. Traders might prefer to wait on the sidelines ahead of the release of the Advance Q1 GDP report on Thursday and the US Core PCE- the Fed's preferred inflation gauge on Friday. This, in turn, suggests that the path of least resistance for the EUR/USD pair is to the downside and any intraday pullback might still be seen as a buying opportunity.
Eren Sengezer, Editor at FXStreet, offers a brief technical outlook for the EUR/USD pair and writes: “The 100-period Simple Moving Average on the four-hour chart at 1.0960 stays intact following Tuesday's pullback, highlighting buyers' willingness to continue to defend this level. The Fibonacci 23.6% retracement level of the latest uptrend is also located slightly below that level at 1.0950 to reinforce that support.
Eren also outlines important technical levels to trade the EUR/USD pair: “On the upside, 1.1050 could be seen as the next bullish target before 1.1075 and 1.1100 .” “1.1000 aligns as interim support before 1.0960/50. A four-hour close below the latter could cause technical sellers to come into play and drag the pair lower toward 1.0900,” Eren adds further.
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