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Forex pairs in this Article » EUR/USD (Chicago) - EUR/USD continues declining at the afternoon of the American trading session. Despite weaker-than-expected data in the US and bullish sentiment post Nowotny comments on unnecessary ECB rate cut, bears outweigh bulls to drive the pair 0.17% down so far.

Resilient greenback

Besides the 10-year bond auction data released in France at 2.52% vs. 2.32%, no other data was released in the Old Continent. In the US, durable goods orders took a punch at -7.3% vs. expected -3.0% and previous 3.9% along durable goods orders ex transportation at -0.6% vs. 0.6% for the month of July. According to the ICN technical analysis team, the pair is set to flow within sideways trading range targeting 1.2775 grounds and 1.3600 ceilings.

EUR/USD Technical Levels

Price action reveals heavy selling as the pair fluctuates at critical juncture dipping above and below immediate support at 1.3362 (August 16th highs). Following supports are aligned at 1.3329 (August 2nd lows) ahead of 1.3300 (July 30th highs). The upside marks resistances set at 1.3389 (August 10th highs), 1.3415 (August 22nd highs) and 1.3427 (August 20th highs). According to the trend index, the pair is slightly bearish on one-hour timeframe analysis.
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