EUR/USD sticks to daily losses, just above 1.1400 handle post-US macro data
• US Q3 GDP growth revised down to an annualized pace of 3.4%.
• Durable goods orders also fall short of consensus estimates.
• Softer readings offset by an upward revision of the GDP price index.
The EUR/USD pair held on to its weaker tone through the early North-American session, albeit found some support near the 1.1400 handle post-US macro releases.
Having failed to conquer 100-day SMA hurdle for the second straight session, the pair witnessed a sudden intraday turnaround amid a goodish US Dollar rebound from one-month lows.
However, a downward revision of the US Q3 GDP growth figures, now standing at an annualized pace of 3.4% as against 3.5% estimated earlier, failed to provide any additional boost to the greenback.
Adding to the disappointment, the US core durable goods orders data unexpectedly contracted by 0.3% in November and partly offsetting a modest growth of 0.8% m/m in the overall orders.
Meanwhile, the positive surprise came from the final Q3 GDP Price Index, which remained supportive of the prevalent positive tone around the USD and failed to assist the pair to regain any positive traction.
The USD price dynamics might continue to act as an exclusive driver of the pair's momentum on the last trading day of the week amid relatively thin liquidity conditions ahead of the year-end holiday season.
Technical levels to watch
Today Last Price: 1.1412
Today Daily change: -48 pips
Today Daily change %: -0.419%
Today Daily Open: 1.146
Previous Daily SMA20: 1.1356
Previous Daily SMA50: 1.1388
Previous Daily SMA100: 1.1487
Previous Daily SMA200: 1.1698
Previous Daily High: 1.1486
Previous Daily Low: 1.136
Previous Weekly High: 1.1444
Previous Weekly Low: 1.1269
Previous Monthly High: 1.15
Previous Monthly Low: 1.1216
Previous Daily Fibonacci 38.2%: 1.1438
Previous Daily Fibonacci 61.8%: 1.1409
Previous Daily Pivot Point S1: 1.1385
Previous Daily Pivot Point S2: 1.131
Previous Daily Pivot Point S3: 1.1259
Previous Daily Pivot Point R1: 1.1511
Previous Daily Pivot Point R2: 1.1562
Previous Daily Pivot Point R3: 1.1637