EUR/USD Challenges Lows Near 1.1170, US GDP Eyed

EUR/USD Challenges Lows Near 1.1170, US GDP Eyed

27 May 2016, 13:00
Roberto Jacobs
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EUR/USD Challenges Lows Near 1.1170, US GDP Eyed

The single currency is accelerating its daily decline today, sending EUR/USD to the area of 1.1170, or session lows.

EUR/USD lower ahead of US GDP

Spot is fading yesterday’s spike to the 1.1220 area following a renewed buying interest surrounding the greenback, currently testing the 1.1175/70 band, where sits the 100-day sma.

Ahead in the session, USD will take centre stage in light of another revision of US GDP figures, with consensus expecting the economy to have expanded 0.9% during the first quarter. Later in the NA session, the final print for the Reuters/Michigan index is due followed by the speech by J.Yellen.

EUR/USD levels to watch

The pair is now retreating 0.18% at 1.1174 and a break below 1.1126 (low May 24) would target 1.1102 (200-day sma) en route to 1.1055 (low Mar.16). On the flip side, the immediate hurdle aligns at 1.1246 (high May 23) ahead of 1.1304 (55-day sma) and finally 1.1318 (20-day sma).


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