Significant support is at 1.0640. sellers might consider booking their profits if the pair falls towards that level, FXStreet’s Eren Senator reports.
Bears target 1.0640 for their next target
For fresh inspiration, “March Durable Goods Orders from the US and New Home Sales data will be analyzed. The Conference Board will also release the April Consumer Confidence Index. These data might not be sufficient to allow risk flows to dominate the markets, even if they are better than expected.
It’s worth noting EUR/USD will drop below 1.0635, its lowest level since April 2017. Sellers may see this as a profit-taking opportunity, and could trigger a correction in that pair. 1.07 (psychological) is the next target for recovery after 1.0730 (static) and 1.0760.
“A daily closing below 1.0640 will likely open the door to additional losses towards 1.06 (psychological) and 1.0570 from March 2017.”
