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EUR/USD reaches 8-day highs after US durable goods orders

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The dollar weakened slightly across the board, with EUR/USD reaching fresh highs for the week, following the release of much worse than expected US durable goods orders.

    US durable goods orders dropped 5.1% in december, a steeper decline than the 0.6% expected. Excluding transportation orders fell by 1.2% vs -0.1% expected. Separated data showed jobless claims declined to 278K in the week ended Jan 22 against 282K expected.

    EUR/USD jumped to an 8-day high of 1.0933 following the releases and it was last trading around 1.0925, up 0.3% on the day.

    EUR/USD levels to watch

    In terms of technical levels, EUR/USD could find next resistances at 1.0982 (100-day SMA) and 1.1000 (psychological level) ahead of 1.1050 (200-day SMA). On the flip side, supports are seen at 1.0837 (50-day SMA), 1.0777/70 (Jan 21 & 7 lows) and 1.0710 (Jan 5 low).
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