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

ForexNewsNow | Published on October 27, 2010 at 9:45 am

indicator analysis - U.S. new home salesNEW YORK (Forex News Now) – The Census Bureau is set on Wednesday to publish a key report on new U.S. home sales in September, in one of the day’s spotlight realtime forex news events.

The data is expected to show that sales rose to 300,000 month-on-month during September, according to two major forex news outlets, up from 288,000 percent in August.

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

According to EUR USD analysis, if the data show sales grew faster than expected in September, EUR/USD could be pushed toward short-term support around the low of Oct. 20, 1.3698.

But should the data show a smaller-than-forecast increase, or even a decline, the currency pair could be lifted toward resistance around the high of Oct. 15, 1.4158.

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