EUR/USD Forecast: Stuck at 1.1180 Ahead of US GDP
The FX board is extremely quiet this Friday, with most majors trading within Thursday's ranges, and the EUR/USD still stuck around the 1.1180 region. The release of Japanese inflation during the past Asian session failed to motivate investors, and there have been no major macroeconomic news in Europe.
Later today, the US will release its second revision of the Q1 GDP, expected to have been revised higher, from 0.5% to 0.9%. US data has been generally positive this week, and while the EUR has been unable to rally, it has helped consolidate its latest gains. Nevertheless, the reading has to be a big upward surprise to actually push the greenback higher across the board.
The EUR/USD pair 4 hours chart, shows that the price is now above a bearish 20 SMA, whilst the technical indicators turned south above their mid-lines, indicating no buying interest at current levels at the time being.
The pair will likely remain between 1.1160/1.1200 ahead of the release of the US GDP, and it will take an upward acceleration trough 1.1216, yesterday's high, to confirm additional gains towards 1.1245 first, and 1.1280 should the dollar keeps falling.
Below the mentioned 1.1160 on the other hand, the decline can extend down to 1.1120, and a break below this last should see the pair ending the week at 1.1080.