FxWirePro: EUR/USD stuck in range ,downside risk remains
The EUR/USD declined towards lower levels on Thursday as the US dollar gained strength across the board after US Q2 GDP data came better than expected. Gross domestic product expanded at a 1.4 percent annual rate in its …
The EUR/USD declined towards lower levels on Thursday as the US dollar gained strength across the board after US Q2 GDP data came better than expected.
Gross domestic product expanded at a 1.4 percent annual rate in its third estimate of GDP. That was up from the 1.1 percent rate it reported last month and higher than analysts' expectations.
At the moment, the currency is trading at 1.1210 level. It is expected to decline further towards 1.1170 and 1.1140 levels in the short term as the resistance level at 1.1280 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
To the upside, immediate resistance can be seen at 1.1218, a break above will take the pair towards next resistance level at 1.1260.
To the downside, immediate support can be seen at 1.1185 levels, a break below will open gates towards 1.1152 levels.
