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European currencies advance against USD on weak US Durable Goods - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that following the release of weaker than expected US Durable Goods data for September European currencies accelerated higher against the dollar.

Key quotes

"Having been confined to tight ranges, dollar selloff seems larger than it actually easy on a first glance, yet its weakness is undeniable."

"As for the EUR/USD, the hourly chart shows price at fresh highs above 1.2750 and above its moving averages that remain pretty horizontal due to latest range, while indicators aim higher above their midlines."

"In the 4 hours chart, RSI turned higher above its midline, having found intraday support in a mild bullish 20 SMA now around 1.2670. Immediate resistance comes at the 1.2780/90 area, with a break above probably fueling the run up to recent highs in the 1.2840 price zone."

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