Yesterday data on US was worse than forecast. Durable Goods Orders in February grew 5.7% vs. expectations for 3.9%. However, durable goods orders excluding transportation dropped 0.5% vs. expectations for a 0.7% growth. New Home Sales were 411K against expectations for 426K and 431K in January. Consumer Confidence index in March fell as well. Nevertheless, the markets grew. It happens when the markets are oversold from the physiological point of view. However, there are no prerequisites for euro rise.
Today at 11:00 GMT+4 GfK Consumer Confidence Survey in Germany in March is published. It is expected to be flat, 5.9. At 14:10 GMT+4 Italy holds a 5- and 10-year yields auction.
At 18:00 GMT+4 data on US Pending Home Sales in February is revealed. It is forecast to be -0.3% vs. 4.5% in January. It is expected the market reaction is muted amid US GDP Q4 publication.
From the technical point of view, the price development is observed in the area of trendlines on the H4 1.2838-1.2895. If the support is tested, it opens the way to 1.2800, the level of Fibonacci 361.8%; if the resistance level is tested, it opens the way to the Kruzenshtern line 1.2935. If the rate consolidates higher 1.2935, a local tendency to reverse will be created.
