EURUSD moving sharply lower in the European session. US Core Durable Goods and Consumer Confidence data on tap.

EURUSD dropped yesterday and closed at 1.3672. The United States dollar was supported by speculation that the Federal Reserve would taper its stimulus package by another 10 billion dollars during its policy meeting. The European Central Bank Governing Council member and President of the Bundsebank Jens Weidmann backed the statement of the ECB President Mario Draghi that the recovery in the European Union is gradual, but still weak. Weidmann suggested the citizens of the EU to trust the European Central Bank for upholding its mandate and that the central bank would react to raise interest rates when necessary.

Investors are now looking forward for the outcome of the ECOFIN Meetings taking place in Brussels today and the Core Durable Goods Orders and the CB Consumer Confidence releases due from the United States in the afternoon. Support for the EURUSD is seen at 1.3622 and resistance is seen at 1.3733. The HotForex Traders Board shows that 57 percent of the traders are short on the EURUSD.

EURUSD moving sharply lower in the European session. US Core Durable Goods and Consumer Confidence data on tap.