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).

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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