Technical Analysis EUR/USD for November 26, 2015

The EUR/USD moved lower on Wednesday as a stronger than expected U.S. durable goods generated tailwinds for the greenback.  The exchange rate tumbled down to 1.0565, before rebounding throughout the North American session up to 1.0620.  Momentum is flat with the MACD (moving average convergence divergence) index printing near the zero index level with a stable trajectory.  The RSI (relative strength index) is printing a reading at 31, just above the oversold trigger level of 30.

U.S. durable goods orders rebounded 3.0% in October, better than expected, from an upwardly revised 0.8% September decline. Transportation orders surged 8.0% following the 2.2% drop previously, while orders excluding transportation were up 0.5% versus -0.1%. Nondefense capital goods orders excluding aircraft increased 1.3% after September’s 0.4% gain. Shipments dropped 1.0% after the 0.2% increase previously. Nondefense capital goods shipments ex-aircraft slid 0.4%. Inventories fell 0.2% following the 0.6% September decline.