EURUSD rises on dollar outflows.
EURUSD under the bullish pressure today driven up by the U.S. dollar outflows after US Durable Goods Orders missed estimates with +0.8% in June. The report showed that orders were up 0.8% in June, much worse than the 2.1% expected. The core reading, Nondefense Capital Goods Orders ex Aircraft, surged 0.5% in the same month, also missing the market’s expectations. This led to the knee-jerk outflows from the U.S. dollar. The USD continues to weaken against its rivals after this data and the pair is expected to continue to rise ahead of this week’s U.S. Federal Reserve meeting which should provide clues on when the central bank might rein in its easy monetary policies.
Expect buyers on downward corrections.
Next resistance to watch – 1.1830