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27.07.202116:18 Forex Analysis & Reviews: EUR/USD trading plan for 27 July

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EUR/USD quickly reverses the initial pessimism and regains 1.1800.
US Durable Goods Orders came in short of expectations in June.
US CB's Consumer Confidence, housing data come up next.

Fresh sellers now hit the dollar and propels EUR/USD back above 1.1800 the figure to record new multi-day highs around 1.1820.

EUR/USD now adds to Monday's gains above the 1.1800 yardstick following the fresh bout of selling pressure hitting the dollar.

Moreover, a 4-hour MACD has diverged in favor of the bulls. MACD histograms have produced higher lows, contradicting lower lows on the price chart. That bullish divergence indicates a potential for a corrective bounce which confirms the reversal chart pattern formation (a falling wedge) after a breakout of the pattern.

Indeed, the buck saw its offered note picking up extra pace after US headline Durable Goods Orders expanded at a monthly 0.8% in June, while orders excluding the transport sector expanded by 0.3% from a month earlier, both readings coming in well below previous estimates.

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