Euro tests March 2020 low, eyes 1.0600 EUR EURUSD $EUR $EURUSD
from the US was mostly ignored by market participants that appear to focus on concerns about the outlook for the global economy. Durable Goods Orders rose 0.8% in March, below the 1% expected, although February’s reading was revised higher, and Core Orders surpassed expectations. New Home Sales tumbled to 763K, more than the forecast slide of 765K. The Richmond Fed Manufacturing Index unexpectedly rose to 14.
So far, the euro has been able to hold above the March 2020 low at the 1.0635 area that is being tested. A break lower would put the pair at levels not seen since April 2017, exposing the next potential support at 1.0600, followed by 1.0575. seems overdue, but the current scenario favors consolidation around 1.0600/50 rather than a sharp rebound.
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