EUR/USD turns positive on German 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 common currency is posting meager gains vs. the dollar on Tuesday, taking EUR/USD to the 1.0630/35 area so far.

    EUR/USD attempts a bounce on German data

    The pair remained mostly apathetic after German GDP figures showed the economy has expanded 0.3% QoQ during the third quarter and 1.8% on a yearly basis, in line with consensus expectations. After dropping to sub-1.06 levels on Monday, the pair has managed to revert the selling pressure and test the 1.0640 area during the Asian session.

    Ahead in the session, the German IFO indicator is next on tap, with prior surveys seeing a small drop in November’s figures. Across the pond, the second revision of the US Q3 GDP will take centre stage.

    EUR/USD levels to watch

    As of writing the pair is up 0.12% at 1.0638 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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