Strong US data dented the euro at yesterday’s session. The euro lost
1.5% at yesterday’s session and closed below 1.1200. The US durable
goods orders rose in January for the first time in three months.
According to the Commerce Department report, the durable goods orders
rose to 2.8%. The euro remained under pressure at the early Asian
session today. We recommended in Wednesday’s article selling below
1.1330 with targets at 1.1330, 1.1290, and 1.1270. The panic will be
triggered below 1.1260 with targets at 1.1220 and 1.1190. The pair made a
low at 1.1184. At the early Asian session, the prices are consolidating
in a very narrow range between 1.1205 and 1.1192. The broken
support base turned to a resistance zone between 1.1260 and 1.1280.
Ahead of US prelim GDP, the US dollar is trading lower against the GBP, EUR,
and JPY. We expect the US GDP to rise between 2.0% and 2.1%. Today, the
German parliament is expected to agree the Greek’s bailout extension. Besides,
German, Italian, and Spanish Prelim CPI data is due. Again, we
recommend using every rise to sell with targets at 1.11, 1.0970, and 1.0930. The panic will be triggered below 1.1150. In case, a
h4 candle closes below 1.1150, bears can challenge mentioned lower
Selling below 1.1150.
The material has been provided by InstaForex Company – www.instaforex.com