Yesterday the pair continued falling amid the publication of poor macroeconomic statistics in the US. Durable Goods Orders grew by 0.8% while economists forecasted a 1.8% growth, while the S&P/Case-Shiller Home Price Indices grew by 5.4% that was also worse than forecasts. In addition, the Consumer Confidence fell to 64.2 points, against the forecasted 96.0 points.
Today extra attention needs to be paid to the US Fed Interest Rate Decision. According to forecasts, there will be no changes in .
Support and resistance
On the 4-hour chart, the pair is trading in the lower , while bands are directed down and widening. histogram is in the negative zone, giving a sell signal. is giving a buy signal.
Support levels: 1.2574, 1.2548.
Resistance levels: 1.2633, 1.2656, 1.2717, 1.2742, 1.2779, 1.2822, 1.2896.
Short positions can be opened from current prices with targets at 1.2574, 1.2548 and stop-loss at 1.2633. Validity – 1-2 days.
Long positions can be opened after the breakout of the level of 1.2656 with targets at 1.2742, 1.2779 and stop-loss at 1.2633. Validity – 1-2 days.