FxWirePro- EURUSD trade idea

EUR/USD pared  some of its gains after upbeat US durable goods order. It hits a intraday low of 1.07775 and currently trading around 1.07836.

In February 2025, Durable Goods Orders also saw an unexpected jump of 0.9%, contrary to projections that had forecasted a loss of 1%, with January seeing a 3.3% rise. Excluding transportation, orders rose once more by 0.7%, showing strong demand in the manufacturing and investment sectors. The forecast for Core Durable Goods Orders was expecting a 0.2% rise, though the figure has yet to be made available. Overall, the rise in orders for durable goods suggests a healthy future for manufacturing and economic prosperity

Technical Analysis of EUR/USD

The pair is holding  below short and below long term moving average in the 4-hour chart. Near-term resistance is seen at 1.08650; a break above this may push the pair to targets of  1.0900/1.0950/1.1000. Major bullish momentum is likely only if prices are able to break above 1.1000 where levels of  1.1070/1.1150. On the downside, support is seen at 1.0770 any violation below will drag the pair to 1.0750/1.0700/1.0660/1.0600/1.0500/ 1.0460.

Market Indicators and Trading Strategy

Commodity Channel Index (CCI)-  Bearish

Average Directional Movement Index (ADX) - Neutral

 It is good to sell on rallies around 1.0835 with a stop-loss at 1.0870 for a target price of 1.072.