EURUSD stays inside falling wedge, US Durable Goods Orders eyed
EURUSD bears take a breather around weekly low, after a two-day downtrend, during early Wednesday. Although risk-on mood helps the EURUSD to consolidate weekly losses, the likely firmer US Durable Goods Orders print keeps the bears hopeful. Additionally, the quote’s sustained trading inside a broad falling wedge since early June and a recent drop below 10-DMA joins bearish MACD signals to add technical assent to the bearish expectations. That said, the yearly low surrounding 1.1520 is on the cards ahead of the stated wedge’s support line near 1.1475. During the fall, March 2020 peak close to the 1.1490 may offer an intermediate halt.
On the contrary, an upside clearance of the 10-DMA, around 1.1620, may direct short-term buyers towards the monthly peak of 1.1668. However, bulls are less likely to take the risk of entries until witnessing a successful break of 1.1725, comprising the wedge’s resistance line. Following that, hopes of the trend reversal can’t be ruled out. It should be noted that the corrective bounce following the US Durable Goods Orders should be taken with a pinch of salt as the key data/event is Thursday’s US Q3 GDP and the European Central Bank (ECB) meeting.
On the contrary, an upside clearance of the 10-DMA, around 1.1620, may direct short-term buyers towards the monthly peak of 1.1668. However, bulls are less likely to take the risk of entries until witnessing a successful break of 1.1725, comprising the wedge’s resistance line. Following that, hopes of the trend reversal can’t be ruled out. It should be noted that the corrective bounce following the US Durable Goods Orders should be taken with a pinch of salt as the key data/event is Thursday’s US Q3 GDP and the European Central Bank (ECB) meeting.