EU 25 New Car Registrations increased in October which followed a string rise in September. Adding to bullish sentiment was the unexpected increase in Italian new industrial orders as well as sales. A bigger than expected current account surplus out of the Eurozone was also released and while the EURUSD maintained its uptrend, price action is pausing at resistance. How will this currency pair react following the release of US economic data? Today’s fundamental analysis will take a look at price action in both directions.

US housing starts and building permits will be the sole US economic report released during the trading session. Economists expected a rebound from last month’s decrease, the US consumer has supported the economy by increasing debt and spending. The housing sector is key to how confident US consumer feel. How will price action in the EURUSD react following the release of this data set? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.