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EUR/USD wavers after US GDP, jobless claims

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD oscillated up and down but overall remained within its daily range after data showed US economic growth cooled in the third quarter.

    US gross domestic product grew by 1.5% in the third quarter, according to the first estimate, the Commerce Department said Thursday. That is well below the 3.9% advance posted in the second quarter and slightly lower than the 1.6% expected.

    Separated data showed initial jobless claims rose by 1,000 to 260K in the week ended Oct 23 but below the 265K expected.

    EUR/USD climbed to the 1.0970 zone only to pull back to pre data levels around 1.0950, where it trades 0.27% above its opening price, as investors continue to digest data.

    EUR/USD plummeted on Wednesday after the Fed refrained from raising rates but kept December on the table.

    EUR/USD levels to watch

    As for technical levels, EUR/USD could find next supports at 1.0847 (Aug monthly low), 1.0808 (July monthly low) and then 1.0784 (Apr 24 low). On the other hand, resistances line up at 1.0995 (Oct 23 low/former support level), 1.1095 (Oct 28 high) and 1.1110 (200-day SMA).
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