FxWirePro: EUR/USD Daily Outlook

EURUSD has shown weakness after comments from Fed's Bullard and Chairman Powell on the rate cut. Federal Reserve Bank of St.Louis President James Bullard said that a lowering of the central bank's short-term rate target "may be warranted soon". The Fed chairman Powell failed to commit to easing. The pair declined temporarily till 1.13441 and is currently trading around 1.13613.

US durable goods order           Actual       Forecast    Previous  

Core Durable Goods orders m/m    0.3%      0.1%         0.0% (positive for US dollar)

Durable Goods Orders m/m    -1.3%            -0.2%        -2.1% (negative for US dollar)
 (Overall mixed)

Technically, near term support is around 1.13416-350 (23.6% fib and 200- day MA) and any convincing break below will drag the EURUSD till 1.1260 (20 and 100 day MA)/1.1200.

On the higher side, minor bullishness above 1.14000 and major trend reversal only above 1.1450 (Mar 20th high and major trend line resistance).

It is good to buy on dips around 1.1350-525 with SL around 1.1300 for the TP of 1.1445.