EUR/USD Side-Lined Around 1.1375, German, EZ GDP Eyed
The EUR/USD pair
extends its overnight consolidation phase into late-Asian trades,
trading absolutely lacklustre ahead of a data-heavy macro calendar due
later today.
EUR/USD trades around 20-DMA at 1.1378
Currently, EUR/USD trades dead flat at 1.1373, retracing slightly from
session lows reached at 1.1367 pre-Chinese open. The persisting risk-off
market profile and a somewhat higher US dollar across the board appears
to have little impact on the main currency pair, with the bulls
awaiting crucial macro updates due later today for fresh momentum on
both the EUR and USD.
Markets moved past hawkish comments from Fed official Rosengren and now
look forward to the German prelim GDP and final CPI figures, which will
be followed by flash GDP data from the Euroland due to be reported in
the European session.
Germany's GDP is expected to have increased 0.6% in the January-March
period and 1.2% annually, while the flash Eurozone GDP reading is
expected to show 0.6% growth q/q and 1.6% annual growth.
Looking ahead, we also have a slew of crucial economic releases from the
US economy, including the retail sales, PPI and consumer sentiment
data, which are expected to provide fresh light on the strength of the
US economic recovery and also on the US interest rates outlook.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at
1.1400/11 (round number/ 10-DMA). A break beyond the last, doors will
open for a test of 1.1448/50 (May 11 high/ psychological levels). On the
flip side, the immediate support is placed at 1.1357/33 (May 10 &
Apr 29 Low) below which at 1.1315/00 (50-DMA/ round number) could be
tested.
