FX.co ★ Burning outlook: EURUSD - downward movement is exhausted

Burning outlook: EURUSD - the movement down is exhausted.

The EURUSD rate is in a short-term downward movement, but the downward impulse is exhausted.

On Wednesday, new strong data on the US economy came out - orders for durable goods grew in the year by + 5.1%, higher than the forecasts.

Excluding transportation orders, growth is even higher, +6.1% for the year.

"Capital goods" - that is investments - growth is also strong, + 3.6% for the year, and a revision of the previous one with an increase to + 3.6%

This supported the dollar, but a slowdown in the decline of the euro is observed, even against the background of strong data on the dollar.

It should be understood that the decline in EURUSD from 1.2100 to 1.1750 is so far only a correction to the previous multi-month increase.

It is very likely the consolidation - fluctuations course of the exchange rate will be in some new range.

Sell from 1.1790.

Buy from 1.1660.