US Dollar On Data Watch

Little impact was seen in the EUR/USD currency pair as German IFO numbers came in below expectations. Next up will be the US existing home sales at 14:00 GMT. The consensus is for a drop to $5.49M which is expected to add further fuel to the rate cut fire in the US. Our indicators are currently slightly bullish and eyeing support at 1.4086. A break could see a test of the overnight low of 1.4065, but with the waning uptrend still in place we expect to see another attempt to push beyond 1.4160.