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Greenback dropping ahead of holidays – FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that a stack of US data ahead of the long Thanksgiving weekend ended up with a weaker greenback on Wednesday.

Key Quotes:

Durable goods rose 0.4 percent in October, but the rise was largely supported by a jump in defense aircraft”.

“Personal income increased less than expected, housing data was modest to be generous, and both Chicago PMI and Michigan consumer sentiment fell below previous month readings and expectations”.

“But some profit taking in order to neat books may have also weighted in the forex board: summer vacations are around the corner and the big boys will start retreating”.

“In the meantime, the EUR/USD pair surged to a daily high of 1.2531, finding short term buyers on retracements towards the 1.2500 level. In its 1 hour chart, indicators aim higher after a limited downward correction above their midlines, while price extended above its moving averages”.

“In the 4 hours chart indicators present a stronger upward momentum, whilst price stands once again above a mild bullish 20 SMA. Next line of sellers stands at 1.2550/60 so it will take a break above it to confirm a retest of the 1.2600 level over the upcoming sessions”.

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