EUR/USD advances further post-US GDP

Pablo Piovano FXStreet

EUR/USD has accelerated its upside on Tuesday, currently testing the area of 1.0610 in the wake of US GDP figures, or fresh daily highs.

EUR/USD bid on US releases

Buyers have quickly steeped in today after advanced US GDP figures showed the economy is expected to expand at an annualized 1.9% during the October-December 2016 period, missing prior surveys.

Further results from the US docket saw the trade deficit coming in at $69.2 billion in January while flash inflation figures tracked by the PCE rose 1.2% QoQ.

Later in the session the S&P/Case-Shiller Index is due followed by the Chicago PMI and CB’s Consumer Confidence, all along with speeches by Philly Fed P.Harker (voter, hawkish) and San Francisco Fed J.Williams (2018 voter, neutral).

EUR/USD levels to watch

At the moment the pair is up 0.15% at 1.0602 facing the initial hurdle at 1.0633 (high Feb.27) followed by 1.0642 (20-day sma) and finally 1.0682 (high Feb.16). On the flip side, a breach of 1.0492 (low Feb.22) would target 1.0452 (low Jan.11) en route to 1.0339 (2017 low Jan.3).

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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