EUR/USD finds bids once again near 1.1250, Eurozone GDP eyed

The EUR/USD pair is seen making a minor recovering attempt, having tested the three-month lows of 1.1249 reached a day before, as markets now await the second reading of the Eurozone Q4 GDP for further trading momentum.

The overnight recovery in the spot faced rejection on a couple of occasions just shy of the 1.13 handle and from there the sellers took back charge, sending the rates back to the midpoint of the 1.12 handle amid a sharp rebound staged by the US dollar across its main competitors. The USD index reversed sharply from 97.00 and hit fresh 2-month tops at 97.28, up +0.15% on the day. At the press time, EUR/USD trades almost unchanged at 1.1263 levels.

Despite the renewed uptick, the common currency remains exposed to downside risks amid rising Eurozone growth concerns, especially after the German Q4 GDP numbers arrived at 0.0% q/q versus 0.1% expected. Meanwhile, the sell-off in the 10-year German yields is likely to keep the recovery attempts shallow heading into the Eurozone flash GDP release at 1000 GMT.

EUR/USD levels to watch

    Today Last Price: 1.1264
    Today Daily change: 3 pips
    Today Daily change %: -0.03%
    Today Daily Open: 1.1266
    Daily SMA20: 1.1379
    Daily SMA50: 1.1397
    Daily SMA100: 1.1412
    Daily SMA200: 1.1535
    Previous Daily High: 1.1344
    Previous Daily Low: 1.1264
    Previous Weekly High: 1.1462
    Previous Weekly Low: 1.132
    Previous Monthly High: 1.1586
    Previous Monthly Low: 1.1289
    Daily Fibonacci 38.2%: 1.1294
    Daily Fibonacci 61.8%: 1.1313
    Daily Pivot Point S1: 1.1239
    Daily Pivot Point S2: 1.1212
    Daily Pivot Point S3: 1.116
    Daily Pivot Point R1: 1.1319
    Daily Pivot Point R2: 1.1371
    Daily Pivot Point R3: 1.1398


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