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EUR/USD stuck, waiting for US GDP – FXStreet

FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, the EUR/USD pair remains stuck around the 1.2440 level that caps the upside after the pair tested the year low early Monday.

Key Quotes

“The pair holds to its latest gains after German GDP readings, confirming an earlier flash estimate of a 0.1% rise in seasonally-adjusted GDP in the third quarter due to a sharp rise in private consumption and a climb in exports.”

“Later today it will be the turn of the US to release the second review of its GDP figures, expected at 3.3% from the advance reading of 3.5%: a better than expected number may help the greenback recover ground, whilst a worse than expected rally may see the pair extending current upward corrective movement.”

“Technically the 4 hours chart shows indicators biased lower in negative territory, while 20 SMA extended its decline now around the 50% retracement of the same rally at 1.2455.”

“Still the main resistance stands around 1.2485, strong static resistance and 61.8% retracement; if above this last, 1.2520 comes next.”

“Below 1.2400 on the other hand, the decline should extend towards the year lows around 1.2360, and once this last gives up, open doors for an extension down to 1.2270/80 over the next sessions.”

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