Forex Technical Analysis: For almost the entire duration of Friday’s trading session the pair moved higher and even touched again the resistance located at 1.3400 but price ran out of steam before a break could occur.
Technical Outlook
Friday we witnessed the third attempt this month at breaking 1.3400 and at the moment price seems to bounce lower again. If this is the case and we will not see a decisive break of resistance early in the week, the pair might start to move towards 1.3200 and the uptrend which is already weak might be reversing. Today we don’t anticipate major developments due to the slow and ranging way that price usually moves Mondays.
Fundamental Outlook
The main and only event today is the release of the US Durable Goods Orders scheduled at 12:30 pm GMT. The value is expected to decrease from the previous 3.9% to -3.0%. Durable goods have a higher cost that other types of goods and that’s why better than anticipated numbers suggest a thriving economy and usually strengthen the US Dollar.
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