When are the US Durable Goods Orders and how could they affect EUR/USD? – by hareshmenghani UnitedStates EconomicIndicator Fed EURUSD Currencies
dline orders rose by 0.6% during the reported month, which will represent a modest rebound from the 4.5% sharp fall reported in January. Orders excluding transportation items, which tend to have a broader impact, are anticipated to register a 0.2% growth in February as compared to the 0.8% rise recorded in the previous month.
Conversely, a weaker report will add to worries about a deeper global economic downturn and further take its toll on the global risk sentiment. This, in turn, suggests that the path of least resistance for the USD is to the upside and supports prospects for an extension of the EUR/USD pair's ongoing retracement slide from its highest level since February 03, around the 1.0930 region touched on Thursday.
Eren also outlines important technical levels to trade the EUR/USD pair: “On the downside, 1.0820 ) aligns as immediate support. In case the pair falls below that level and starts using it as resistance, the downward correction could extend toward 1.0760 and 1.0720 .”
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