EUR/USD reacts to US fundamentals

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The United States Bureau of Economic Analysis has published the US Final quarter on quarter Gross Domestic Product data. The markets expected US economy to have grown in the first quarter of the year by 1.4%. Instead of the expected, the economy has been reportedly increased by 2.0%.

On the EUR/USD charts it resulted in a drop down to the 1.0860 level. During the move the pair returned back below the cluster of technical levels at 1.0915/1.0930 and the 1.0900 mark.

An extension of the ongoing Euro decline against the US Dollar could look for support in the 1.0840 and 1.0820 levels and the weekly S1 simple pivot point at 1.0820, prior to reaching the 1.0800 mark.

On the other hand, the rate could retrace back up due to being oversold. In this case scenario, the EUR/USD would face the resistance of the 1.0900 mark. Higher above, the combination of the weekly simple pivot point and the 50, 100 and 200-hour simple moving averages could stop a surge.
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