EURUSD rose yesterday and closed at 1.3800. The United States dollar lost strength after worse than expected Unemployment Claims report. 350K people filed initial jobless claims during the last week. Market had expected a reading of 340K. This combined with the worse than expected Flash Manufacturing Purchasing Index report strengthened the prospect of a longer stimulus measures from the United States Federal Reserve. In the Eurozone the PMI data came out worse than expected across the board. A release today showed that the German Ifo Business Climate dropped to a reading of 107.4 in October. Investors are now looking forward for the Core Durable Goods Orders month over month release due from the United States. Support for the EURUSD is seen at 1.3658 and resistance is seen at 1.3827. The HotForex Traders Board shows that 75 percent of the traders are short on the EURUSD.
EURUSD trading lower ahead of the US Core Durable Goods Orders data
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