FxWirePro: EUR/USD Runs Out of Steam But Maintains Bullish Outlook
- The EUR/USD pair declined up to 1.1323 in the early US session but the bears quickly faded as the data showed US GDP weakened in the first quarter. The economy expanded only by 0.5 percent missing estimate of 0.7 percent during first quarter.
- The dollar gave back some ground against euro after the data release as the pair recovered some losses to trade at 1.1323.
- To the upside, the strong resistance can be seen at 1.1340, a break above will take the pair towards next resistance level at 1.1385.
- To the downside immediate support can be seen at 1.1300 levels, a break below will open the door towards next level at 1.1265. Resistance Levels R1: 1.1340 (38.2% Retracement level) R2: 1.1385 (23.6% Retracement level) R3: 1.1400 (Psychological levels) Support Levels S1: 1.1300 (50% Retracement level) S2: 1.1265 (61.8% Retracement level) S3: 1.1215 (April 25th lows)
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