- EUR/USD quickly reverses the initial pessimism and regains 1.1800.
- US Durable Goods Orders came in short of expectations in June.
- US CB’s Consumer Confidence, housing data come up next.
Fresh sellers now hit the dollar and propels EUR/USD back above 1.1800 the figure to record new multi-day highs around 1.1820.
EUR/USD stays bid ahead of further US data
EUR/USD now adds to Monday’s gains above the 1.1800 yardstick following the fresh bout of selling pressure hitting the dollar.
Indeed, the buck saw its offered note picking up extra pace after US headline Durable Goods Orders expanded at a monthly 0.8% in June, while orders excluding the Transport sector expanded at 0.3% from a month earlier, both readings coming in well below previous estimates.
Further data saw house prices tracked by the FHFA’s House Price Index rising 1.7% MoM in May, while the S&P/Case-Shiller Index increased 17.0% over the last twelve months.
EUR/USD levels to watch
So far, spot is up 0.14% at 1.1818 and faces the next up barrier at 1.1830 (weekly high Jul.22) followed by 1.1895 (weekly high Jul.6) and finally 1.1975 (weekly high Jun.25). On the other hand, a breakdown of 1.1751 (monthly low Jul.21) would target 1.1704 (2021 low Mar.31) en route to 1.1602 (November 2020 low).
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