EUR/USD almost reaches 1.1100

Source: Dukascopy Bank SA


The EUR/USD was heading to the 1.1100 mark at mid-day on Wednesday, as the US Durable Goods Orders data was released. The data revealed that US consumers continue to buy long term use goods, which signals that inflation would remain high. In turn, high inflation might force the US Federal Reserve to hike interest rates more than expected. Due to that reason, the USD strengthened causing a decline of the currency exchange rate.

In regards to the near term future, the pair might resume its surge and make another attempt at passing above the 1.1100 mark. A move above 1.1100 might test the weekly R3 simple pivot point at 1.1112. Higher above, there is no short term technical resistance.

A potential decline of the currency pair is expected to look for support in the weekly R1 at 1.1021 and the 50 and 100-hour simple moving averages. Below these levels note the 1.1000 mark and the 200-hour simple moving average.

However, note that the US Core PCE Price Inflation data is most likely going to dictate the direction on Friday.
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