EUR/USD: fresh highs on soft US data
|EUR/USD Current price: 1.1207
Following a soft start to the day, the American dollar traded marginally higher against most of its major rivals following London opening, having received an unexpected boost from gold, as the safe-haven commodity plunged. There was no fundamental driver behind gold's decline, which shed nearly $20.00 in a matter of seconds. The EUR/USD pair retreated from a daily high of 1.1207, despite positive news from the region, as the German IFO came at record highs, indicating strong confidence among local business. German business climate indicator rose to 115.1 in June from 114.6, with expectations and the assessment of the current situation beating expectations.
In the US, Durable Goods Orders for May came in worst-than-expected, putting the greenback back under pressure. Orders fell by 1.1% against an expected 0.6% decline, also below previous month's figure of 0.8%. Core Durable Goods Orders advanced by 0.1%, below the expected 0.4%, but better than a previous downwardly revised -0.5%.
The pair now trades at 1.1209, fresh daily highs, and struggling once again with its 100 SMA in the 4 hours chart, with the price having bounced from the 1.1170 region, where the 20 and 200 SMAs converge with bullish slopes. In the same chart, technical indicators have bounced from their mid-lines, but are still below previous daily highs. Should the advance extend beyond 1.1220, stops will likely be triggered, leading to a continued advance for the rest of the US session.
Support levels: 1.1165 1.1120 1.1075
Resistance levels: 1.1220 1.1260 1.1300
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.