EUR/USD makes fresh daily lows

EUR/USD has continues to move lower during the American session as the dollar looked past disappointing US economic data and dragged the pair back to daily lows.

EUR/USD was rejected from a high 1.0941 and erased completely intraday gains to trade back below the 1.09 mark. Having hit a fresh low for the day at 1.0882, the pair was last trading at 1.0890, down 0.15% on Thursday.

EUR/USD staged a recovery attempt over the first half of the week after bottoming out at 1.0850, but the upside was capped by the 1.0950 zone on Wednesday.

On the data front, US durable goods orders fell 0.1% to $227.3 billion in September from a month earlier, below the 0.1% increase expected. Separated data showed, initial jobless claims decreased by 3,000 to a seasonally adjusted 258,000 in the week ended Oct. 21 against 255,000 expected. On the other hand, pending home sales rose 1.5% (1.2% ecp) in September.

EUR/USD technical levels

In terms of technical levels, short-term supports are seen at 1.0873 (Oct 26 low), 1.0850 (Oct 25 low) and 1.0821 (Oct 3 low). On the flip side, resistances line up at 1.0945 (Oct 26 high), 1.1000/04 (psychological level/Oct 19 high) and 1.1038 (Oct 20 high).