EUR/USD around 1.1160 post-US GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The common currency remained unchanged after the release of US GDP figures, with EUR/USD testing the 1.1160 region.

    EUR/USD in red on data

    The pair kept the negative bias today after the US GDP figures have bettered previous estimates, showing the US economy has expanded at an annualized pace of 1.4% during the last three months of the last year, vs. forecasts at 1.0%.

    These results somewhat confirm the ongoing rally in the dollar, bolstered further by expectations of another rate hike by the Fed at its next meeting in April.

    EUR/USD levels to watch

    The pair is now retreating 0.08% at 1.1165 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1096 (20-day sma) and finally 1.1040 (200-day sma). On the flip side, a break above 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) en route to 1.1496 (monthly high Oct.15 2015).
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