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EUR/USD unchanged after 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
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    FXStreet (Córdoba) - EUR/USD barely reacted to GDP figures data that showed US economy expanded at a faster pace than initially estimated in the third quarter.

    US gross domestic product grew at a faster 2.1% pace in the third quarter instead of 1.5% previously estimated, the Commerce Department said Tuesday, slightly above the 2.0% rate expected.

    EUR/USD gained a few pips but overall remained little changed near daily highs as data came mainly in line with expectations while investors continue to parse economic data ahead of Federal Reserve's December meeting. At time of writing, the pair is trading at 1.0651, still up 0.14% on the day.

    Earlier, solid German IFO data provided support to the shared currency that extended its recovery from fresh multi-month lows sub-1.0600.

    EUR/USD technical levels

    As for technical levels, immediate supports could be faced at 1.0592 (7-month low Nov 23), 1.0570 (Apr 15 low) and 1.0520 (Apr 13 low) ahead of 1.0500 (psychological level). On the flip side, resistances are seen at 1.0695 (10-day SMA), 1.0762 (Nov 19 high) and then 1.0829 (Nov 12 high).
    For more information, read our latest forex news.

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