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EURUSD : Break Out From Consolidation, Testing Key Resistance at 1.3648

(EURUSD : 4 Hour Chart)

EURUSD trading higher breaking the falling resistance trend line of the triangle after the Census bureau and Bureau of Economic Analysis released Core Durable Goods Order and Final GDP respectively. According to the data the core durable goods orders which excludes transportation items fell by .1% in May which economists were expecting to increase by .3%. The final GDP of US economy shrank by 2.9% in the first quarter instead of 1% as previously reported worse than the economist’s expectation for a decline of 1.8%.

On the 4 hour chart, the pair broke out signaling a bullish trend. The nearest resistance the pair should find is at 1.3648. If it breaks above this level the pair might surge up to 1.3667 and if not it may decline from this level.