26 Aug 2015
EUR/USD erases weekly gains, stabilizes around 1.1400
FXStreet (Córdoba) - EUR/USD is enjoying a quieter phase during the American afternoon after a volatile morning on the back of US durable goods orders data and dovish comments from New York Fed President Dudley.
EUR/USD fell to a daily low of 1.1352 after durable goods orders came in much stronger than expected at 2.0% in July. However, the euro managed to recover some ground after NY Fed President Dudley said that a September rate hike seems less compelling now than a few weeks ago, fueling concerns latest economic developments could delay the liftoff.
However, the spike was capped by the 1.1435 zone, confining EUR/USD to phase of consolidation over the last hours. At time of writing, the pair was trading at 1.1389, still 1.09% below its opening price. EUR/USD has also completely retraced Monday’s gains over the last sessions.
EUR/USD levels to watch
In terms of technical levels, EUR/USD could find next supports at 1.1352 (Aug 26 low) and 1.1324 (200-day SMA) ahead of 1.1300 (psychological level). On the flip side, resistances are seen at 1.1435 (intraday resistance), 1.1500 (psychological level) and 1.1562 (Aug 26 high).
EUR/USD fell to a daily low of 1.1352 after durable goods orders came in much stronger than expected at 2.0% in July. However, the euro managed to recover some ground after NY Fed President Dudley said that a September rate hike seems less compelling now than a few weeks ago, fueling concerns latest economic developments could delay the liftoff.
However, the spike was capped by the 1.1435 zone, confining EUR/USD to phase of consolidation over the last hours. At time of writing, the pair was trading at 1.1389, still 1.09% below its opening price. EUR/USD has also completely retraced Monday’s gains over the last sessions.
EUR/USD levels to watch
In terms of technical levels, EUR/USD could find next supports at 1.1352 (Aug 26 low) and 1.1324 (200-day SMA) ahead of 1.1300 (psychological level). On the flip side, resistances are seen at 1.1435 (intraday resistance), 1.1500 (psychological level) and 1.1562 (Aug 26 high).