For a week, the EUR/USD pair is trading within a 150 points range after reaching its 7-month lows.
Yesterday data on German GDP showed that the figure did not exceed the previous one. The GDP is the leading indicator of the state of the economy. Furthermore, the Euro might continue its fall amid expectations of the program expansion in the eurozone. In addition, data on Durable Goods Orders is due today in the US. The index represents the of orders for producers of durable goods, which are the goods that last for more than 3 years. Because production of these goods requires large investments, high reading strengthens the USD. Experts forecasts the figure to exceed its previous reading.
MACD’s histogram is in the negative zone and its volumes are falling. are directed down.
Support levels: 1.0600 (0% Fibonacci correction), 1.0640 (middle MA of ).
Resistance levels: 1.0810 (23.6% correction), 1.0745.
Short positions can be opened after the breakdown of the level of 1.0640 with the target at 1.0600 and stop-loss at 1.0700.