EUR/USD Oct. 26 – Weaker After Mixed US Data



EUR/USD is lower after yesterday’s (Oct. 25th) US releases, which were a mixed bag. US Core Durable Goods posted its highest increase since January, with a healthy 2.0% gain. Unemployment Claims was very close to the estimate, while Pending Home Sales fell  well below the forecast. The euro has not had a good week, as Euro-zone PMIs and other releases were quite disappointing for the most part. However, there was some good news this morning, as GfK German Consumer Climate looked sharp. The trading week wraps up with several US releases, highlighted by US Advance GDP. The markets are expecting  a rise in GDP for the Q3 reading.

Here’s an update about technical lines, fundamental indicators and sentiment regarding EUR/USD.

EUR/USD Technical

  • Asian session: Euro/dollar traded around 1.2930, after touching a low of 1.2916. The pair is dropping in the European session, as it tests the 1.29 line.
  • Current range: 1.29 to 1.2960.

Further levels in both directions:  

  • Below: 1.29, 1.2814, 1.2750, 1.2670, 1.2624 and 1.2587.
  • Above: 1.2960, 1.30, 1.3060, 1.3105, 1.3170, 1.3290, 1.34, 1.3437 and 1.3480.
  • 1.2960 is back in a resistance role. 1.30 is the next line on the upside.
  • 1.29 is being tested as the pair weakens. 1.2814 is the next support line.

Euro/dollar lower after mixed US data– click on the graph to enlarge.

EUR/USD Fundamentals

  • 6:00 GfK German Consumer Climate. Exp. 5.9 points. Actual 6.3 points.
  • 6:00 German Import Prices. Exp.-0.3%. Actual -0.7%.
  • 7:00 Spanish Unemployment Rate. Exp. 25.2%. Actual 25.0%.
  • 12:30 US Advance GDP. Exp. +1.9%.  See how to trade this event with EUR/USD.
  • 12:30 US Advance GDP Price Index. Exp. +2.0%.
  • 13:55 Revised UoM Consumer Sentiment. Exp. 82.7 points.
  • 13:55 Revised UoM Inflation Expectations.
For more events and lines, see the Euro to dollar forecast

EUR/USD Sentiment


About

Kenny Fisher - Senior Writer

A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.

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