Forecast: How will U.S. home sales data impact EUR/USD?

ForexNewsNow | Published on July 23, 2010 at 10:46 am

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FX traders online forex global forex FX newsNEW YORK (Forex News Now) – The Census Bureau is set on Monday to publish a key report on new U.S. home sales in June, in one of the day’s spotlight FX news events.

The data is expected to show that sales rose to 317,000 during the month, according to two major forex news outlets, up from 300,000 percent in May.

The bureau is scheduled to release the report at 2:00 P.M., GMT; as such, the data is likely to dominate European afternoon currency trading.

According to forex analysis, a larger than expected number of sales could lift EUR/USD toward short-term resistance around the high of July 20, 1.3028.

But should the data show a smaller-than-forecast increase, or even a decline, the currency pair could be pushed down toward support around Wednesday’s low, 1.2732.

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