Technically, the pair maintains the bullish tone seen during the last sessions, as the 4 hours chart shows that the price extended further above a strongly bullish 20 SMA, currently around 1.0900, whilst the technical indicators are heading back higher after partially correcting overbought readings. The pair can advance up to 1.1050 now, but it's probable that investors will refrain from pushing it higher ahead of the news. Should the GDP readings disappoint, a break through 1.1050 should lead to an advance up to 1.1120, a key midterm resistance level. Further advances seem unlikely for today, yet if the level is taken, the 1.1150/60 area comes next.
To the downside, the immediate support comes at 1.0950 a strong static support, with a break below it exposing the 1.0900 figure.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.