Technical Analysis EUR/USD for 8/27/15

The EUR/USD extended its losses following news this morning that the ECB has plans to increase the amount of asset backed securities it plans to buy in an effort to reduce the value of the Euro and bolster exports. This news combined with stronger than expected durable goods orders lifted the dollar. The EUR/USD sliced through support which was former resistance at 1.1435, and is poised to test support near the 10-day moving average at 1.1255.  Momentum remains positive with the MACD printing in positive territory.

July durable goods orders 2.0% compared to median expectation of a decline of 0.5%.Shipmentswere 1.0%, inventories unchanged. June orders 4.1% were revised from 3.4% and shipments 0.9% were 0.5%.