Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

Forex Analysis
by ForexNewsNow Team on October 1st, 2010

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

Indicator analysis - pending U.S. home salesNEW YORK (Forex News Now) – The National Association of Realtors is set on Monday to publish a key report on pending U.S. home sales in August, in one of the day’s spotlight realtime forex news events.

The association, a U.S. trade group, is expected to say home sales grew 2.6 percent during the month, down from 5.2 percent in July, according to two currency market trading news outlets.

The group 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 EUR USD analysis, faster-than-expected growth in sales could push toward short-term support around Thursday’s low, 1.356.

But should the data show slower-than-expected growth, or even a decline, the currency pair could be lifted toward resistance around the high of March 17, 1.3818.

Of course, FX traders will also scrutinize data on U.S. factory orders, whose release is due to coincide with the report on pending home sales, as well as pay close attention to comments by Federal Reserve Chairman Ben Bernanke, due later in the day.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))