EUR/USD around 1.1750 post-US data

Spot stayed unchanged on US data.
US durable goods orders missed estimates in October.
FOMC minutes up next on the US calendar.

Pablo Piovano FXStreet

EUR/USD keeps the bid tone intact on Wednesday and is now navigating the area around 1.1750 in the wake of US data releases.

EUR/USD now looks to FOMC minutes

The pair continues to advance albeit at a snail pace after bottoming out in the boundaries of 1.1710 earlier in the week, always on the back of a softer bias around the greenback and ahead of the release of the FOMC minutes later in the NA session.

USD failed to gain some traction after US durable goods orders contracted at a monthly 1.2% in October, coming in below market consensus. In addition, initial claims rose 239K on a weekly basis, bettering prior surveys

The demand for the buck stays subdued so far today after Yellen warned on Tuesday about raising rates too quickly, adding at the same time that inflation expectations have lost some traction in past months.

Ahead in the session, the greenback should remain in centre stage in light of the release of the FOMC minutes.

EUR/USD levels to watch

At the moment, the pair is gaining 0.12% at 1.1752 and a breakout of 1.1808 (high Nov.20) would target 1.1823 (high Nov.17) en route to 1.1860 (high Nov.15). On the flip side, the immediate support aligns at 1.1713 (low Nov.21) seconded by 1.1686 (21-day sma) and finally 1.1554 (low Nov.7).

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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