We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • Gold shifts down to test December 3rd lows $XAUUSD $GLD https://t.co/p4SVib99xC
  • White House Advisor Kudlow says the US appreciates China giving product waivers on AG products -BBG
  • Spot $EURUSD fluctuates +/- 36 pips on average in response to monthly US nonfarm payrolls data, which compares to +/- 4 pips on average otherwise. Get your EUR/USD market update from @RichDvorakFX here: https://t.co/75hjsD9NB9 https://t.co/2lL7I0nVQb
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.14% 🇯🇵JPY: 0.06% 🇦🇺AUD: -0.09% 🇨🇭CHF: -0.42% 🇪🇺EUR: -0.54% 🇨🇦CAD: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rnKHUSKJZE
  • And, if you pair that strong NFPs beat to the biggest drop in Canadian jobs (-71,200) since January 2009, you get a $USDCAD move like this https://t.co/ijbs7NAkAM
  • Larry Kudlow says there are no plans for the US and China to meet at present, as time before the December 15 tariff hike dwindles $SPX
  • Hey traders! What market topic are you rooting for in the upcoming Trading Global Markets Decoded #podcast episode featuring @DailyFX Sr Currency Strategist, @IlyaSpivak and Analyst, @JMcQueenFX? Vote for your choice of topic below👇!
  • $DXY continues to move higher on upbeat NFP and U.Mich sentiment data from this morning https://t.co/vuT4KfgAyf
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.08% France 40: 0.98% US 500: 0.90% Germany 30: 0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/YA0N8DY04i
  • Goldman shares spiking on rumors of a 1MDB settlement for $GS below $2 billion
Euro Tests Range Ahead of U.S. Durable Goods Orders

Euro Tests Range Ahead of U.S. Durable Goods Orders

2010-03-23 12:00:00
Michael Wright, Currency Analyst
Share:

Fund Vs. Tech
Fundamental Outlook
Durable goods orders in the U.S. are forecasted to rise 0.6% in February, marking the third straight month that the reading has advanced, while economists expect new home sales to advance 1.9% to 315K, rising from a record low in January and adding speculation that manufacturing is leading the economic recovery in the region, while housing clings to stability. Meanwhile, a report by the Institute for Supply Management showed that manufacturing fell to 56.5 in February from 58.4 the previous month (a reading above 50 generally means that manufacturing is expanding). Moreover, the advanced GDP report for the fourth quarter expanded at the fastest pace since 2004, with the reading pushing 5.7% higher, while advanced retail sales unexpectedly rallied 0.3% in February from a downward revision of 0.1%, a signal that consumers will continue to contribute to economic growth despite harsh weather conditions. 

Indeed, the labor market unexpectedly strengthened more than economist’s expectated in February despite severe snowstorms in the East Coast as payrolls dived 36K subsequent to falling 26K the month prior, marking the first back to back rally since 2006. Thus, following the FED’s decision to keep rates “exceptionally low” for an “extended period” paired with the recent strength in the labor market, if demands for durable goods expand more than 0.6% in February, this would validate our bearish EUR/USD technical outlook, with a break below the 61.8% Fibonacci retracement (1.3500). Nevertheless, the euro is at the crossroads as traders await a concrete plan of action regarding Greece’s woes as the country continually weighs on the currency amid its fiscal crisis and concerns on stability from the EMU.

Technical Outlook

EUR/USD

EUR/USD
  Charts prepared by Michael Wright

EUR/USD
: Following up on my report from last week (Euro at Crossroads Ahead of FOMC Meeting), we were looking at pair to possibly complete a fourth wave and indeed, it has done so as the pair retreated from the upper trend channel.  Still trading within its descending channel that has held since early December, focus now turns to the 76.4% Fibonacci retracement, with a soft target at pivot support of 1.3428, and a break below exposing 1.3364.


For More Technical Analysis Visit the DailyFX
Technical Page


Written by Michael Wright, Daily FX Research
Questions? Comments? Email me at instructor@dailyfx.com


 

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.