Investing.com – The euro tumbled against the U.S. dollar on Wednesday, nearing a 4-year low following the release of official data which showed an unexpectedly rapid increase in new U.S. home sales.
EUR/USD plummeted to 1.2249 during European afternoon trade, shedding 0.78%. The pair was likely to find support at 1.2143, last Wednesday’s low and a 4-year low, and resistance at 1.2672, last Friday’s high.
In the report, the U.S. Census Bureau said new home sales were at a seasonally adjusted annual rate of 504,000 during April, showing an increase on March’s upwardly revised figure of 439,000.
Economists had expected April's figure to come in at 425,000.
Earlier in the day, official data showed new orders for long-lasting U.S. manufactured goods, excluding transportation, unexpectedly dropped in April.
EUR/USD plummeted to 1.2249 during European afternoon trade, shedding 0.78%. The pair was likely to find support at 1.2143, last Wednesday’s low and a 4-year low, and resistance at 1.2672, last Friday’s high.
In the report, the U.S. Census Bureau said new home sales were at a seasonally adjusted annual rate of 504,000 during April, showing an increase on March’s upwardly revised figure of 439,000.
Economists had expected April's figure to come in at 425,000.
Earlier in the day, official data showed new orders for long-lasting U.S. manufactured goods, excluding transportation, unexpectedly dropped in April.