EUR/USD refreshes session lows, around mid-1.1800s
| • Investors digest downward revision of US GDP.
• USD rebounds and prompts fresh selling.
• Technical studies point to additional downslide.
The EUR/USD pair quickly reversed the US data-led uptick and held closer to the lower end of its daily trading range.
The pair did get a minor lift after the third quarter US GDP growth was revised lower to 3.2% annualized pace. Despite a slight downward revision, the economic growth still stood at its highest level since Q1 2015.
Adding to this, a surprisingly stronger Philly Fed Manufacturing Index helped the US Dollar to bounce back to the 93.00 handle and kept a lid on the pair's modest recovery attempt.
With the key US macro data out of the way, broader market sentiment surrounding the greenback should act as an exclusive driver of the pair's momentum through the NY trading session.
From a technical perspective, the pair has now slipped below 50-SMA support on the 1-hourly chart and now seems all set to extend previous session's rejection slide from the 1.1900 handle.
Technical outlook
Valeria Bednarik, American Chief Analyst at FXStreet writes, "in the 4 hours chart, the price is well above its moving averages, with the 20 SMA heading north above the larger ones, and technical indicators holding near overbought readings. Furthermore, the pair has bounced from the 61.8% retracement of its latest bearish run, another sign of bulls determination."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.