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EUR/USD stays at highs after US GDP revision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD stayed near daily highs as the dollar barely reacted to the US GDP data, which showed economy grew at a slower pace than initially estimated in the third quarter.

    US gross domestic product rose at a 2.0% seasonally adjusted annual rate in the third quarter, down from 2.1% reported last month but still above the 1.9% expected.

    However, EUR/USD remained little changed above 1.0950 following the data, when a high posted at 1.0960 minutes before the data. At time of writing, the pair was trading at 1.0955, recording a 0.38% gain on Tuesday, as the euro continues to outperform other major currencies.

    EUR/USD technical levels

    On the upside, next resistances line up at 1.1010 (Dec 10 high), the 1.1055-67 area (100-day SMA/50-week SMA), 1.1095 (Oct 28 high) and then 1.1139 (Oct 23 high). On the other hand, immediate supports are seen at 1.0895 (50-day SMA), 1.0795 (Dec 7 low), 1.0700 (psychological level) and 1.0635 (Dec 1 & 2 highs).
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