EUR/USD to speed up the slide on a break below 1.1750

EUR/USD eased sub-1.1800 ahead of US opening, as somehow the optimism seen at the beginning of the week faded. The pair is set to accelerate its decline on a break below 1.1750, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“US Durable Goods Orders were up 11.2% in July, much better than the 4.3% expected. Non-defence Capital Goods Orders ex-Aircraft met expectations at 1.9%.”

“The EUR/USD pair is nearing 1.1750, the low set last Friday and the immediate support.”

“Readings in the 4-hour chart support a bearish extension ahead, as the upside was contained by the 20 and 100 SMA, while technical indicators head south below their midlines. A steeper decline, however, is still unclear given the market’s cautious approach to the dollar.”