EUR/USD makes fresh lows sub-1.0900 after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD came under renewed pressure and made fresh lows for the day following US durable goods orders and personal income/spending data.

    Durable goods orders flat in November

    Orders for durable goods were unchanged in November from a month earlier, beating expectations of a 0.7% decline. However, excluding the transportation orders fell 0.1% versus an increase of 0.1% expected.

    Separated data showed personal spending rose 0.3% in November (0.3% exp) while personal incomes increased 0.3% last month (0.2% expected). The price index for personal consumption expenditures, Fed’s preferred inflation gauge, was flat in November and up 0.4% YoY, the largest increase of 2015.

    EUR/USD dropped below 1.0900 level as the dollar strengthened slightly following data and posted a low of 1.0898. At time of writing, the pair is trading at 1.0900, down 0.50% on the day.

    EUR/USD technical levels

    As for technical levels, next supports are seen at 1.0883 (50-day SMA), 1.0795 (Dec 7 low), 1.0700 (psychological level) and 1.0635 (Dec 1 & 2 highs). On the other hand, resistances line up at 1.1010 (Dec 10 high), the 1.1055-66 area (100-day SMA/50-week SMA) and then 1.1095 (Oct 28 high).
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