FxWirePro: EUR/USD extends losses as the dollar strengthens following U.S. GDP data.

• EUR/USD declined sharply on Thursday as the dollar strengthened following data that showed the U.S. economy grew slightly faster than expected in the second quarter.

• Gross domestic product grew at an annualized rate of 3.0% in the last quarter, according to the Commerce Department's Bureau of Economic Analysis in its second estimate of second-quarter GDP released on Thursday.

• Meanwhile, inflation declined in six key German states in August, indicating that national inflation could see a significant drop this month, while in Spain, it slowed to its lowest rate in a year.

•The euro softened, leaving it down 0.43% against the dollar at $1.1075,   its lowest since 19th August.

 • Technically  RSI has dipped below the 70 level and positive momentum is fading

• Immediate resistance is located at 1.1124( 38.2%fib), any close above will push the pair towards 1.1200( Psychological level).

• Strong support is seen at 1.1049(50%fib) and break below could take the pair towards 1.0982 (61.8%fib).

  Recommendation: Good to sell around 1.1090, with stop loss of 1.1150 and target price of 1.1000