Wednesday's trading session resulted in a breakout of the exchange rate from the falling wedge pattern.
Despite a release of positive data on the US Durable Goods Orders, the Euro continued to rally against the Dollar yesterday.
The Commerce Department showed that the US durable goods rose 2.2% for the month of September, owing to higher demand for transportation equipment.
The Commerce Department showed that the US durable goods rose 2.2% for the month of September, owing to higher demand for transportation equipment.
The yellow metal is trading against the buck in recently formed falling wedge formation.
After failing to break above the 100-hour SMA near 1.1780, the pair slipped back to the 55-hour SMA at the 1.1757 level.
The Dollar was dragged slightly against the Japanese Yen after the disappointing PMI reports for the US.
The preliminary PMI report for the US services and manufacturing sectors showed better-than-expected readings of 55.9 and 54.5, respectively.
After the continuation of the decline of the bullion's price a rebound occurred on Tuesday morning.
On Tuesday morning the common European currency was in a rebound against the US Dollar, which was about to stop.
The National Association of Realtors reported on Friday that the US existing home sales gained 0.7% to a seasonally adjusted yearly rate of 5.39M in September.
The National Association of Realtors reported on Friday that the US existing home sales gained 0.7% to a seasonally adjusted yearly rate of 5.39M in September.
In result of Shinzo Abe's confident victory, the Dollar strengthened against all major currencies, including the yellow metal.
In result of continuous tensions on the Iberian Peninsula, anticipation of the ECB meeting and conduction of two non-binding referendums on independence in Northern Italy, the Euro depreciated against the Dollar and slipped through all three moving averages.
The National Association of Realtors reported on Friday that the US existing home sales gained 0.7% to a seasonally adjusted yearly rate of 5.39M in September.
The National Association of Realtors reported on Friday that the US existing home sales gained 0.7% to a seasonally adjusted yearly rate of 5.39M in September.
Due to uneasy situation on the Iberian Peninsula, the yellow metal surged to the 1,290.50 level but then was forced to retreat by the 100- and 200-hour SMAs.
Despite escalating tensions in Spain, the Euro continued to rally against the Dollar yesterday.
The US Commerce Department revealed that building permits fell to 1.13M in the month of September, adding to concerns that the recovery of the property market was stalling.
The British Pound fell sharply against the Greenback on the report showing stronger-than-expected drop in the country's retail sales.
In result of the three-day fall, the exchange rate formed a falling wedge and made a breakout from it using the 61.8% Fibonacci retracement level, as a trampoline.
Because of release of weak US housing data the Dollar failed to drag the Euro even below the weekly S1 at 1.1735.
The US Commerce Department revealed that building permits fell to 1.13M in the month of September, adding to concerns that the recovery of the property market was stalling.
The Sterling was suffering the third straight day of weakness against the US Dollar on mixed job data for Britain yesterday morning.