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28 May 2015
EUR/USD retraces to 1.0920-1.0930
FXStreet (Mumbai) - The EUR/USD pair was rejected at a high of 1.0945, following which it dropped below its 5-DMA located at 1.0930. The pair currently trades in the range of 1.0920-1.0930.
EUR ignored Spanish GDP report
The Spanish first quarter GDP bettered expectations of 2.6% to print at 2.7% year-on-year. Quarter-on-quarter, GDP rose 0.9%, which is the fastest so far. However, the EUR is not impressed with the growth numbers as it hardly reached to GDP numbers.
Ahead in the day, the optimism surrounding the Greek debt deal could support the EUR. On the data front, the Eurozone confidence indicators may trigger some moves in the currency pair. A major trigger could come in the form of US weekly jobless claims later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0930 (5-DMA), above which the pair faces major hurdle at 1.0963 (50% R of 1.0461-1.1465). On the other hand, a break below 1.0898 could drive the pair lower to 1.0862 (May 26th low).
EUR ignored Spanish GDP report
The Spanish first quarter GDP bettered expectations of 2.6% to print at 2.7% year-on-year. Quarter-on-quarter, GDP rose 0.9%, which is the fastest so far. However, the EUR is not impressed with the growth numbers as it hardly reached to GDP numbers.
Ahead in the day, the optimism surrounding the Greek debt deal could support the EUR. On the data front, the Eurozone confidence indicators may trigger some moves in the currency pair. A major trigger could come in the form of US weekly jobless claims later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0930 (5-DMA), above which the pair faces major hurdle at 1.0963 (50% R of 1.0461-1.1465). On the other hand, a break below 1.0898 could drive the pair lower to 1.0862 (May 26th low).