The EUR/USD pair declined on Friday as dollar strengthened after upbeat U.S. gross domestic product data. The U.S. economy slowed less than initially thought in the first quarter. Gross domestic product increased at a 1.…
The EUR/USD pair declined on Friday as dollar strengthened after upbeat U.S. gross domestic product data.
The U.S. economy slowed less than initially thought in the first quarter. Gross domestic product increased at a 1.2 percent annual rate instead of the 0.7 percent pace reported last month.
The dollar index, which tracks the greenback against six major rivals, was up 0.11 percent to 97.357.While euro slipped to a 1-week low of $1.1161 against the greenback.
The ongoing weakness is set to continue for this pair as the resistance level at 1.1224 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.1191, a break above this level would expose the pair to next resistance level at 1.1224.
To the downside, immediate support can be seen at 1.1159, a break below at this level will open the door towards next level at 1.1115.
