Intraday bias remains bearish as long as resistance 0.8550 holds. It hit a low of 0.84582 yesterday and is currently trading around 0.84497.
US final GDP q/q grows at a 3% annualized pace in the second quarter above forecast of 2.9%.The number of people who have filed for unemployment benefits declined to 218K vs 225K est.
Technicals-
The pair is trading below 34 and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.8500 any break above targets 0.8520/0.8550.The bearish pattern from 0.92244 will get completed at 0.8375 if pair close above 0.8550. The immediate support is at 0.8450, any violation below will drag the pair to 0.8420/0.8390/0.8365 (61.% fib projection)/0.8340.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Neutral
Average directional movement Index - Neutral. Overall trend is mixed.
It is good to stay away.
