EUR/USD off highs, near 1.0930 ahead of US GDP

Pablo Piovano FXStreet

The buying interest around the single currency remains well and sound at the end of the week, with EUR/USD now deflating from tops near 1.0950 ahead of the opening bell in the NA session.

EUR/USD looks to US docket

Spot gained around a cent since daily lows in the mid-1.0800s to the vicinity of 1.0950 backed by a renewed and strong offered bias around the greenback, with the US Dollar Index re-testing recent lows near 98.60.

The pair has been also well supported by higher-than-expected inflation figures in the region, as the CPI is seen rising at an annualized 1.9% during April. Core prices are expected to rise 1.2% over the last twelve months, also coming in above estimates.

In the US data front, the first revision of Q1 GDP figures is due seconded by the Chicago PMI, Q1 PCE and the final gauge of April’s Consumer Sentiment.

EUR/USD levels to watch

At the moment, the pair is gaining 0.52% at 1.0930 and a break above 1.0947 (high Apr.28) would target 1.0951 (2017 high Apr.25/26) en route to 1.1000 (psychological handle). On the downside, the immediate support aligns at 1.0850 (low Apr.27) seconded by 1.0833 (200-day sma) and finally 1.0805 (23.6% Fibo of the April rally).

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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