Euro Gains On Softer U.S. Dollar Ahead Of Durable Goods Data

The euro gains on softer US dollar ahead of US durable goods data

The EUR/USD found support as the dollar eased, awaiting further US data today and Yellen’s speech due on Friday that will give an outlook of whether the Fed will hike rates sooner or later this year.

The euro also found support as euro group ministers agreed on Greece bailout funds. The EUR/USD will continue surging higher on weak US durable goods data, and breaking 1.1195 will open an upward wave toward 1.1215 and 1.1255 respectively.

However, strong expectations of US rate hike in June put pressure on the EUR/USD. Cutting the strong support 1.1130 will continue its bearish movement to touch near-term resistance levels 1.1085 and 1.1055.

EUR/USD Chart

Disclaimer: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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