The Euro has been trading higher ahead of the release of the US GDP figures.
The daily fib retracements are as follows : 100% - 1.24446; 61.8% - 1.24129; 50% 1.2403; 38.2% - 1.23812; 0% - 1.23616.

After hitting the low in yesterday's open the euro may be on a recovery path the the GDP figures on the way. A miss in the expected growth of 3.2% will strengthen the rally with 1.25 being a target.

If the GDP comes out better than expected, of which im expecting a growth above the analyst's concensus estimate of 3.2%, we are likely to see a USD strengthen. My first target will be the 0% retracement from yesterday, at 1.23616.

To play it safe, use stop orders at 15 pips from just before the announcement with the take profit level at 20 pips. Expect huge volatility following this announcement.

LloLor
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