EUR/USD clinches fresh tops near 1.2360 on US data
- The pair advanced further to the 1.2360 area post-US releases.
- USD dropped to session lows in the 89.50 measured by DXY.
- US Durable Goods Orders rose 3.1% MoM, beating forecasts.
EUR/USD moved higher to the 1.2360 area in the wake of results from the US docket on Friday.
EUR/USD higher on data
The pair gained extra traction today despite headlines US Durable Goods Orders surprised to the upside in February, expanding at a monthly 3.1% while Core Orders rose 1.2% inter-month, also coming in above initial estimates.
The greenback, when tracked by the US Dollar Index, tumbled further on the release and is now flirting with session lows in the 89.50 area.
Earlier in the session, Atlanta Fed R.Bostic (voter, centrist), noted the US economy is at or near the Fed’s inflation goal.
Next on tap will be US New Home Sales for the month of February seconded by the speech by Minneapolis Fed N.Kashkari (non voter, dovish).
EUR/USD levels to watch
At the moment, the pair is gaining 0.33% at 1.2342 and a break above 1.2388 (high Mar.22) would aim for 1.2414 (high Mar.14) and then 1.2448 (high Mar.8). On the flip side, immediate contention emerges at 1.2241 (low Mar.21) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18).
Author
Pablo Piovano
FXStreet
Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.
