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Positive US Data Prevents EUR/USD from Rising Further

EUR/USD halted its long decline and rose on Monday but was unable to extend the rise on Tuesday. The currency pair lost its upward momentum as economic data released from the United States over the trading session was good and exceeded analysts’ expectations, providing support to the dollar.

Richmond Fed manufacturing index posted a reading of 4 in November after logging a reading of -4 in October. Experts had predicted a smaller increase to 1. (Event A on the chart.)

Existing home sales rose to the seasonally adjusted annual rate of 5.60 million in October from the upwardly revised 5.49 million in September (5.47 million before the revision). Forecasts have completely missed the market, promising a drop to 5.43 million. (Event A on the chart.)

On Friday, a report on leading indicators was released, showing 0.1% growth in October, in line with market expectations, after rising 0.2% in September. (Not shown on the chart.)

EUR/USD as of 2016-11-22

If you have any comments on the recent EUR/USD action, please reply using the form below.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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