The EUR/USD pair was offered again at the 200-DMA level of 1.1045 despite china-led risk off in the major European equities.
Eyes Eurozone GDP
The immediate focus is on the Eurozone Q4 GDP, which is expected to remain unchanged at 0.3% q/q and 1.5% y/y. Traders may look through data on signs of heightened risk-off in the equity markets.
The major European indices opened lower by about 0.5% and extended losses to trade at least 1.3% lower on the day. Consequently, the EUR/USD made an attempt to take out 200-DMA, but failed.
EUR/USD Technical Levels
The pair currently trades 0.17% higher on the day around 1.1030. The immediate hurdle is seen at 1.1045 + 1.1048 (200-DMA + 38.2% of 1.0517-1.1376), ahead of the resistance at 1.1087 (Sep 3 low) and 1.11 (psychological number). On the other hand, a break below 1.10 (psychological figure + daily low) would expose 50-DMA 1.0978, under which losses could be extended to 1.0922 (100-DMA).
(Market News Provided by FXstreet)
