The EUR/USD pair advanced up to 1.0966 during the Asian session, but the European opening brought another round of dollar's buying, which send the pair down to 1.0920. The pair holds therefore, near the 1.0892 low set late Thursday, following the release of the US advanced second quarter GDP. The figure was not enough to match expectations of 2.6%, but the 2.3% number indeed maintains the FED in the tightening path.
View live chart of the EUR/USD
Just released, the EU inflation figures show that yearly basis it remains at 0.2%, albeit the Core CPI for July came out at 0.9% slightly above expected. The EUR/USD posts a tepid recovery, hovering around the 1.0950 level at the time being, but the technical intraday picture continues to favor the downside, as in the 4 hours chart, the price stands well below a bearish 20 SMA, currently around 1.1000, whilst the technical indicators have corrected partially higher, before resuming their slides below their mid-lines.
At this point, the pair needs to break below 1.0910 to confirm a bearish continuation, with the next short term intraday supports at 1.0880 and 1.0850. Approaches to the mentioned 1.1000 level will likely be seen as selling opportunities, although a break above it may see the pair extending up to 1.1045.
Latest updates on the EUR/USD Forecast
Recommended Content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.