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EUR/USD immune to US data

FXStreet (Córdoba) - EUR/USD barely moved and continues to trade near the 1.2700 level following the latest string of US data which came mainly in line with expectations.

US durable goods orders fell 18.2% in August versus an expected drop of 18% and following a 22.6% rise in July. Excluding transportation, orders rose 0.7% as expected. Meanwhile, initial jobless claims rose to 293K in the latest week versus 300K of consensus and following 280K registered the previous week.

With data close to forecast, EUR/USD showed virtually no reaction and continues to hover around 1.2720, down 0.46%, having recovered from a fresh cycle low of 1.2696 scored earlier on the day.

EUR/USD technical outlook

“Current slide from 1.2864 high broke through 1.2820 lows and the general downtrend has been renewed, targeting 1.2630, en route to 1.2440”, said Stoyan Mihaylov, analyst at Deltastock.com. “Initial intraday resistance is seen at 1.2760, followed by the major hurdle at 1.2820 and crucial on the upside is 1.2900 zone”.

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