FOREX NEWS: BEARS GAIN STRENGTH. SUPPORT LEVELS THREATENEDEUR/USD
Forex News: The pair experienced a bearish day as the US Dollar strengthened on the back of a better than anticipated value of the US Durable Goods Orders and as a result the minor support we mentioned yesterday (1.3615) was touched again.Technical Outlook
Although we saw yesterday a stronger move compared with the previous days, the pair is still moving slower than normal and it looks like traders are waiting for a determining factor which will trigger sharper drops or rallies. Of immediate interest remains 1.3615, followed by 1.3560 (visible on a Daily chart) as support while resistance is located at 1.3650.Fundamental Outlook
We have a rather slow day ahead, with the only noteworthy economic release being the German Unemployment Change scheduled at 7:55 am GMT and expected to increase from -25K to -14K. Increasing unemployment levels suggest that economy might be contracting and usually this affects negatively the Euro, driving the pair lower.GBP/USD
British Mortgage Approval numbers fell during the previous month as yesterday’s indicator showed and this fact, combined with an increased number of US Durable Goods Orders, generated a sharp drop for the pair.Technical Outlook
Following a perfect bounce off 1.6880 resistance, price dropped through 1.6820 support and we consider the next target to be 1.6750. Keep in mind that the Relative Strength Index is rapidly approaching its 30 level which suggests an oversold condition so we believe 1.6750 will not be broken in the first attempt, especially if at the time of the touch, the mentioned oversold condition is present.Fundamental Outlook
The United Kingdom didn’t schedule any major news releases for today so price action will be mainly influenced by the technical aspect.