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EUR/USD extends decline after US GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD broke below the 1.1000 level and accelerated toward fresh 2-day lows, as dollar strengthened across the board following the release of US gross domestic product revision.

    US fourth quarter GDP was revised higher to an annualized rate of 1% compared with an initial estimate of 0.7%, although the sharp upward revision was mainly due to change in inventory valuation method.

    EUR/USD dropped to a low of 1.0978 and it was last trading at 1.0980, recording a 0.33% loss on the day.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.0955 (100-day SMA) and 1.0903/00 (Feb 3 low/psychological level) ahead of 1.0882 (Feb 2 low). On the other hand, resistances could be found at 1.1067 (Feb 26 high), 1.1138 (Feb 19 high) and 1.1178 (Feb 17 high).
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