FxWirePro: EUR/USD gains some upside momentum after US GDP data but still bearish
EUR /USD pair inched slightly higher on Friday as the pair attracted short buying interest after data showed U.S. second-quarter growth trimmed to 1.1 percent. Gross domestic product expanded at a 1.1 percent annual rate…
EUR /USD pair inched slightly higher on Friday as the pair attracted short buying interest after data showed U.S. second-quarter growth trimmed to 1.1 percent.
Gross domestic product expanded at a 1.1 percent annual rate in its second estimate of GDP. That was slightly down from the 1.2 percent rate reported last month.
However, further upside is expected to be limited as the pair finds strong resistance at .1397 which should limit upside and bring a decline towards lower levels in the short term.
To the upside, the immediate resistance can be seen at 1.1329, a break above will take the pair towards next resistance level at 1.1397.
To the downside, immediate support can be seen 1.1264 levels, a break below will open gates towards 1.1181 levels.
