EUR/USD in a phase of bearish consolidation near 1.1140, US GDP eyed

  • Extends range trade below mid-1.11s amid cautious markets.
  • Awaits fresh direction from US Q1 advance GDP report.
  • Strong US durable goods data suggest a positive surprise in the US GDP.

The tepid recovery attempts in the EUR/USD pair continue to get sold-off into the 1.1250 upside barrier, as sellers lurk amid expectations of upbeat US Q1 growth numbers.

However, the spot could see a corrective bounce towards the key support-turned-resistance of 1.1176 should the preliminary GDP numbers disappoint. Markets are expecting the US Q1 advance GDP reading to arrive at 2.1% y/y vs. 2.2% expected but the report could surprise to the upside, given the recent strong US retail sales and durable goods data.

“Notably, the widely-tracked Atlanta Fed's GDP Now tracker rose to 2.8 percent following the release of the retail sales data, having begun the year with a 0.3 percent projection for the first quarter,” FXStreet’s Analyst, Omkar Godbole notes.

Meanwhile, on the EUR-side of the story, the recent slew of downbeat Euro area fundamentals continue to underscore the bloc’s dwindling economic growth prospects while highlighting the relative strength of the US economy, which remains EUR-negative. More so, the latest downbeat remarks by the ECB Governing Council member on the interest rates and inflation outlook also keep the recovery in check.

Looking ahead, the fate of the EUR/USD pair remains at the mercy of the US GDP figures, with a positive surprise likely to trigger an extensive USD rally, drowning the EUR/USD pair to the next downside target of 1.1100.

EUR/USD Technical Levels


Today last price 1.1143
Today Daily Change 0.0009
Today Daily Change % 0.08
Today daily open 1.1134
Daily SMA20 1.124
Daily SMA50 1.1286
Daily SMA100 1.1341
Daily SMA200 1.1429
Previous Daily High 1.1164
Previous Daily Low 1.1118
Previous Weekly High 1.1324
Previous Weekly Low 1.1224
Previous Monthly High 1.1448
Previous Monthly Low 1.1176
Daily Fibonacci 38.2% 1.1135
Daily Fibonacci 61.8% 1.1146
Daily Pivot Point S1 1.1113
Daily Pivot Point S2 1.1093
Daily Pivot Point S3 1.1067
Daily Pivot Point R1 1.1159
Daily Pivot Point R2 1.1184
Daily Pivot Point R3 1.1204


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Recovery could continue in the short-term

The EUR/USD pair has recovered some ground Friday, ending the week with modest gains at around 1.1050. The American dollar extended its slide as speculative interest couldn’t find a reason to keep on buying it. 


GBP/USD: Brexit hopes maintain Sterling afloat

The GBP/USD pair hit a daily high of 1.2918 on Friday, boosted by news indicating that the  Brexit Party has decided to step down from 43 additional constituencies where Labour won, facilitating the way for a Conservative majority.


USD/JPY: Pressuring resistance but without enough strength

The USD/JPY pair trimmed part of its weekly losses last Friday, closing the week in the red at around 108.80. Demand for safe-haven assets eased despite persistent tensions between the US and China.


Gold looks to close week with small gains below $1,470

The precious metal struggled to find demand on Friday as the upbeat market mood on renewed hopes of the United States and China reaching a trade deal to avoid a tariff hike in December caused investors to move away from safe havens.

Gold News

Crypto Today: Playing with the thin red line

BTC/USD has fallen below $8,500 during the Asian trading session. A close below this support level would put $7,500 on the trading table. ETH/USD is moving below the 50-period exponential moving average.

Read more