Today, the common European currency keeps on struggling against the US Dollar within the scope of the 1.3178-1.3213 price range seen in the market of EURUSD.
Yesterday, the price fluctuated within a narrower price range - 1.3184-1.3208. Despite the negative economic report from Germany and the USA published yesterday, the currency pair remained relatively stable within the mentioned price range.
On August 26th, 2014, the American session is also subject to relatively low market volatility. Before the trading session, we witnessed an economic report from the USA.
In particular, the report on core durable goods orders showed a decline from 3.0% down to -0.8% in July. With that said, durable goods orders increased from 2.7% up to 22.6% in July. This was the strongest figures seen in 36 months. This was followed by another economic report from the USA, which turned out to be positive.
The US consumer confidence index continued growing in July from 87.9 up to 94.6 points. This is the highest value since 1985 when the index hit 100 points!
Still, this failed to trigger another strong downswing in the market of EURUSD to allow the US Dollar to gain even more strength against its European counterpart. The currency pair dropped only down to 1.3190.
EURUSD Prospects
According to the comprehensive analysis conducted by Masterforex-V Academy, the H1 chart of EURUSD is subject to a mid-term downtrend. Another bearish wave is being built starting from 1.3411. It is a 3-wavec count at this point. It includes a completed move - 1.3296-1.3178. The price is currently developing a reaction to it from 1.3178. The price is still fluctuating within the scope of the 1.3178-1.3213 price range. A true breakout of the range will define the direction of the near-term move.
