EUR/USD in a tight range around 1.1200

Pablo Piovano FXStreet

The single currency is navigating a narrow range at the end of the week, currently taking EUR/USD to the area of 1.1200 the figure, trading almost unchanged from yesterday’s close.

EUR/USD focus on US GDP

The pair is now struggling to close its second week with gains, as the recovery in the greenback seems to have gathered traction in recent sessions despite the disappointment following the FOMC minutes.

In spite of the correction lower, spot is still able to keep the trade around the key 1.1200 area, although gains appear so far limited near 1.1270, as EUR-bulls seem to be waiting for some stronger catalyst other than USD-weakness in order to advance further.

Ahead in the session and absent releases in Euroland, the bulk of the attention should be on the US docket, where the second revision of Q1 GDP is due along with durable goods orders and the final print of the Reuters/Michigan index for the month of May.

EUR/USD levels to watch

At the moment, the pair is retreating 0.09% at 1.1200 facing the immediate support at 1.1167 (low May 24) seconded by 1.1073 (76.4% Fibo of 1.1300-1.0339) and finally 1.1036 (20-day sma). On the upside, a breakout of 1.1250 (high May 25) would open the door to 1.1267 (2017 high May 23) and then 1.1300 (high Nov.9 2016).

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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