EUR/USD sidelined near 1.0640 ahead of US GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The shared currency is clinging to its daily gains vs. the greenback, with EUR/USD navigating the area around 1.0640 so far.

    EUR/USD firm ahead of US data

    The pair seems to have stabilized around current levels in light of the upcoming key releases in the US calendar, where the GDP is expected to show an annual expansion of 2.0% and the Consumer Confidence is seen at 99.5 for the current month, up from October’s 97.6.

    In the meantime, the pair keeps alive its rebound from yesterday’s low in the 1.0590 area, albeit with gains limited around 1.0670 for the time being.

    EUR/USD levels to watch

    As of writing the pair is up 0.11% at 1.0639 with the next hurdle at 1.0702 (accelerated downtrend from 1.1496) ahead of 1.0829 (high Nov.12) and finally 1.1062 (200-day sma). On the other hand, a breach of 1.0591 (low Nov.23) would target 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16).
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