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by ForexNewsNow Team on October 27, 2010

EUR/USD decline stalls after U.S. durable goods orders

EUR USD analysis - The EU flagNEW YORK (Forex News Now) – The euro’s recent decline against the U.S. dollar stalled on Wednesday, after data showed that new orders for long-lasting U.S. manufactured goods, excluding transportation items, slid in September.

In European morning currency market trading, EUR/USD hit 1.3816, down 0.31 percent on the day, after rising from a daily low of 1.377.

The Census Bureau said earlier that core durable goods fell 0.8 percent month-on-month in September, after rising a revised 1.9 percent in August. Analysts had expected modest growth of 0.4 percent in September, two major online FX trading news outlets reported.

However, the data also showed that including transportation items, U.S. durable goods orders climbed unexpectedly in September.

According to EUR USD analysis, EUR/USD was likely to touch immediate support around the low of Oct. 20, 1.3698, and encounter short-term resistance around the high of Oct. 15, 1.4158.

The euro’s losses also came as speculation the U.S. Federal Reserve would take a gradualist approach to more quantitative easing next week prompted players to liquidate some short dollar positions, Reuters reported.

Elsewhere, the single currency fell slightly versus the yen: EUR/JPY traded at 112.83, down 0.04 percent, according to intraday analysis.

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