The EUR/USD pair declined on Thursday as the US dollar gained strength across the board after data showed the final U.S. gross domestic product number for the fourth quarter was revised higher, reflecting a fairly steady…
The EUR/USD pair declined on Thursday as the US dollar gained strength across the board after data showed the final U.S. gross domestic product number for the fourth quarter was revised higher, reflecting a fairly steady growth path for the world's largest economy.
The final U.S. GDP growth number was 2.1 percent in the fourth quarter, higher than the second estimate of 1.9 percent growth and exceeding market forecasts for a 2.0 percent rise.
The dollar was also boosted by Chicago Fed President Charles Evans, who said he was in line with most of his colleagues in supporting further interest rate increases this year.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0788 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels in the short term.
To the upside, immediate resistance can be seen at 1.0752 a break above will take the pair towards next resistance level at 1.0788.
To the downside, immediate support can be seen at 1.0715 levels, a break below will open the door towards next level at 1.0669.
