EUR/USD finds some support around 1.1340 post-US GDP

The pair is now attempting a rebound after dropping to 1.1340/35 band.
The greenback eases from daily highs beyond 96.80.
US flash Q3 GDP came in above estimates at 3.5%.

Pablo Piovano FXStreet

After bottoming out in the 1.1340.35 band, EUR/USD is now looking to rebound to the 1.1350 region following an auspicious result from the US GDP figures.

EUR/USD still offered post-US data

The pair remains entrenched into the negative territory around 1.1350, albeit a tad higher than today’s lows in the 1.1340/35 band and always against the backdrop of a solid sentiment around the buck.

EUR managed to gather some traction despite preliminary US GDP figures showed the economy is expected to expand at an annualized 3.5%, more than initially forecasted.

Still in the US docket, the final print of the October’s Consumer Sentiment tracked by the U-Mich index is coming up next.

EUR/USD levels to watch

At the moment, the pair is down 0.18% at 1.1353 and a break below 1.1336 (low Oct.26) would target 1.1319 (200-week SMA) en route to 1.1299 (2018 low Aug.15). On the flip side, the immediate hurdle aligns at 1.1470 (10-day SMA) seconded by 1.1505 (21-day SMA) and finally 1.1550 (high Oct.22).

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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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