EUR/USD Prediction For July 28, 2016

The EUR/USD moved higher pushing above resistance near the 10-day moving average at 1.1020.  A softer than expected Durable goods report weighed on the greenback, along with news that the Fed would be on hold. Additional support is seen near the June lows at 1.0906.  Momentum is flat with the MACD (moving average convergence divergence) index printing near the zero index level while the RSI moved higher with price action reflecting accelerating positive momentum while  printing near 48 which is near middle of the of the neutral range.
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U.S. durable goods orders dropped 4.0% in June, larger than forecast, from a revised 2.8% decline in May. It’s the largest decline since August 2014. Transportation orders slid 10.0% following a 7.1% fall previously.  Excluding transportation, orders were down 0.5% versus May’s -0.4%. Nondefense capital goods orders excluding aircraft edged up 0.2% from -0.5%.  Shipments bounced 0.4% versus -0.3%. Nondefense capital goods shipments excluding aircraft fell 0.4% following the 0.5% decline in May.