EUR/USD keeps lows post-US GDP

Pablo Piovano FXStreet

EUR/USD remained mostly apathetic following the release of US GDP figures, keeping the trade in the lower end of the daily range around 1.1170.

EUR/USD lower on US data, Yellen eyed

Spot keeps its bearish note today despite US GDP figures have missed consensus for the first quarter, expanding at an annualized pace of 0.8% vs. 0.9% initially estimated. The results, however, represent an improvement from the previous revision at 0.5%.

Further data showed Real Consumer Spending advancing 1.9% during the same period, missing forecasts for a 2.1% advance.

The pair is navigating the 1.1170 area ahead of the final print of the Reuters/Michigan index and the speech by Chair J.Yellen.

EUR/USD levels to watch

The pair is now retreating 0.21% at 1.1171 and a break below 1.1126 (low May 24) would target 1.1102 (200-day sma) en route to 1.1055 (low Mar.16). On the flip side, the immediate hurdle aligns at 1.1246 (high May 23) ahead of 1.1304 (55-day sma) and finally 1.1318 (20-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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