EUR/USD- OVERVIEW

EURUSD:

Today US news will have a broader impact in the Market, Monday US economics highlight the release of Durable Goods Orders for August. This report will be published at 12:30 GMT and it is expected to show a hike of 0.7% during the reported month. As we know, the Fed chose caution over action. A strong Durable Good number will help to reassure the governors that the economy is in full recovery. The durable products involved goods planned to last for three or more years, these types of goods often involve large investment, by default they play an important role to the US economic situation. Generally speaking, a high reading is bullish for the USD. On the other side in the eurozone, what is the aftermath of the German election? CDU/CSU Leader Amin Laschet is preferable to lead the country.

In the short-term time frame, EURUSD is exhibiting a neutral -to -bearish -bias. On Monday morning, this pair found support in the low level of September 22 at 1.1685. This level is the pivot point located for this week. A break below this level will initiate a bearish movement. The first target will be toward the 1.1648 and 1.1650 mark. A break below this level will lead the pair to encounter 1.1600 and 1.1630 range.

Otherwise, if buying interest increases, a break above 1.172 will initiate the bullish movement. The first resistance level would be at 1.1755 a break above this level will lead this pair to trade near the next resistance at 1.1778. The last resistance level would be at 1.1831.

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