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February 27, 2014 EUR/USD Technical Analysis

EUR/USD was in bullish trend when we did our last technical analysis in February 19, 2014.  It was discussed in previous analysis that EUR/USD can start its downward move if it manages to break initial support line.  Finally this pair was successful in crossing down the support line and started its walk towards 1.3656 that we mentioned as second support. EUR/USD held its second support for the time being. Bears took control over price and making their trend stronger with every next candle on chart.

The slope of movement of this pair is currently -79 degree downward as compared to +38 degree upward on last day of our analysis. It is indicating a very well-built strength of bearish trend over time. Bears have strong control over the price of this pair at this time and they are trying to get maximum benefit using their current strength. Current trend with -79 degree can be termed as strong bearish trend that will take some time to convert into bullish trend in absence of any strong bullish news.


U.S Durable Goods Orders Dec 2013

Durable Goods Orders that includes transportation plunged in December from 3.4% to -4.3% while Core Durable Goods Orders that excludes the volatile transportation sector shrank from 1.2% to -1.6%.  The figures released by the Census Bureau of U.S made the stable strength of the U.S economy open to discussion because actual results are contrary to the expected as well.

Durable Goods Orders is a leading economic indicator released monthly by Census Bureau of U.S. It portrays the total value of durable goods orders placed with manufacturers during the month expressed in terms of percentage change.  It signifies the expected production activity from the manufacturers based on purchase orders excluding transportation equipments placed with them during the month. Transportation equipments are excluded to make figure of core durable goods orders because transportation sector is very volatile as is it apparent from the comparative chart of durable goods orders and core durable goods orders.

US Federal Budget Deficit November 2013

Federal Budget balance also known as Treasury budget released by Department of Treasury explains Value comes out from the difference of Government income & Spending. If result figure is better than expected figure is good for currency. The U.S federal budget balance of November was $-91.6 billion as compare to expected figure of $-104 billion narrowed deficit. Favorable economic indicator like stronger job increase helped to taper deficit in November. U.S budget Deficit is forecasted to increase to -142.6 this month due to certain economic indicators particularly shutdown. However, better economic indicators from U.S side last couple of weeks may narrow deficit contrary to expectation. Improved employment related economic indicators and rise in payroll taxes helps receipts to grow.