EUR/USD Forecast: Marginally higher, at risk of falling
|EUR/USD Current Price: 1.1082
- US Durable Goods Orders seen bouncing sharply in November, core reading foreseen at -0.3%.
- EUR/USD neutral-to-bearish in the short term, critical support at 1.1065.
The holiday mood has already quick-in, with major pairs confined to ultra-thin ranges and not much data scheduled throughout the week. The market was in a positive mood at the weekly opening, but movements are restricted everywhere, with equities posting modest advances in Asia, and stuck to their opening levels in Europe.
The US will release today November Durable Goods Orders, seen up by 1.5% in the month, while the October figure was downwardly revised to 0.5% from 0.6%. The core reading, Non-defense Capital Goods Orders ex Aircraft, however, are seen down by 0.3% following a 1.1% advance. The country will also publish November New Home Sales and the Chicago Fed National Activity Index.
EUR/USD short-term technical outlook
The EUR/USD pair is trading above the 61.8% retracement of its December rally at 1.1065, and below the 50% retracement of the same advance at 1.1090. In the 4-hour chart, the pair remains below its 20 and 100 SMA, while technical indicators hover within negative levels without directional strength. Beyond the mentioned 1.1090 resistance, the pair has room to extend its advance to 1.1120, but little should be expected until the release of US data.
Support levels: 1.1065 1.1020 1.0970
Resistance levels: 1.1090 1.1120 1.1150
View Live Chart for the EUR/USD
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