EUR/USD Unmotivated Near 1.1170, USD GDP Eyed

EUR/USD Unmotivated Near 1.1170, USD GDP Eyed

25 March 2016, 13:15
Roberto Jacobs

EUR/USD Unmotivated Near 1.1170, USD GDP Eyed

The selling pressure around the single currency remains intact at the end of the week, with EUR/USD hovering over the comfort zone around 1.1160/70.

EUR/USD focus on US releases

The pair is extending its sideline pattern around current levels ahead of the US GDP figures due later in the NA session. Consensus expects the US economy to have expanded at an annual pace of 1.0% during the last three months of 2015.

In the meantime, the door remains open for further downside in light of the persistent buying interest surrounding the greenback and increasing speculations of a potential rate hike by the Federal Reserve at its meeting in April.

EUR/USD levels to watch

The pair is now retreating 0.05% at 1.1169 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1096 (20-day sma) and finally 1.1040 (200-day sma). On the flip side, a break above 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) en route to 1.1496 (monthly high Oct.15 2015).

(Market News Provided by FXstreet)

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