Today at 14:00 GMT will be released the US New Home Sales data for September and we’re expecting to see a slight decrease to 600,000 from 609,000. With that being said, markets should react against the US Dollar, which has been showing some weakness across the board, following the last week that was characterised by gains. We should remind that new home sales’ numbers had been showing good performance in the last three months.
Our technical analysis for EUR/USD at H1 chart is still bearish, but the pair remains trapped in a sideways range between the 1.0893 and 1.0852 levels. If we see positive data from the United States, then we can expect an attempt to break the support level of 1.0852, which should open the doors to visit the 1.0786 level. However, as the EUR/USD pair is consolidating above the 50 SMA, one can expect a short-lived bullish momentum towards the 200 SMA.
.png)
Origin: FX BAZOOKA
