EUR/USD taps 1.1100 handle ahead of EU CPI and GDP
The EUR/USD pair is once again attempting to build on to FOMC-led recovery move and has now moved back close to 1.1100 handle ahead of key Euro-zone macro releases.
A broadly weaker US Dollar, led by disappointment from BOJ monetary policy decision, helped the pair to rebound from session low around 1.1070 support marked by the very important 200-day SMA and trade in positive territory for third consecutive session.
Later during European trading session, flash version of Euro-zone inflation figures for July and GDP print for second quarter of 2016 will drive sentiment around the shared currency and assist investors to determine the near-term direction of the EUR/USD major.
With the scheduled release of US GDP data, growth numbers would continue to be in focus during NA trading session as well.
Trade the US Gross Domestic Product - July 29 GDP Live Coverage
Technical levels to watch
Bulls would be looking for a sustained move above 1.1100-1.1110 immediate resistance, above which the pair seems all set to immediately aim towards recent swing highs resistance near 1.1190 area before extending its near-term bullish trajectory towards its next major resistance near 1.1240-50 horizontal zone.
On the flip side, reversal from current resistance area, and a subsequent break below 1.1050 intermediate support, might now negate possibilities of any further up-move and drag the pair below 1.1000 psychological mark, towards testing an important support near 1.0950 region.
Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
