EUR/USD clings to 1.10 after poor US data

EUR/USD kept the composure after US releases today, currently navigating the 1.1000 neighbourhood ahead of the FOMC meeting.

EUR/USD unchanged on data

Spot remains around the 1.1000 handle after headline US Durable Goods Orders have missed expectations during June, contracting at a monthly pace of 4.0% (the biggest decline in almost two years); Orders excluding the Transportation sector have followed suit, dropping 0.5% vs. a forecasted 0.3% gain.

Next on tap for the pair will be US Pending Home Sales followed by the EIA’s weekly report on crude inventories and the FOMC meeting. Market expectations see the Committee delivering a somewhat constructive statement, although rates would remain unchanged.

EUR/USD levels to watch

The pair is now gaining 0.13% at 1.0998 facing the initial hurdle at 1.1057 (20-day sma) followed by 1.1075 (200-day sma) and then 1.1166 (high Jul.14). On the flip side, a breakdown of 1.0913 (post-Brexit low Jun.24) would open the door to 1.0820 (low Mar.10) and finally 1.0777 (low Jan.21).