- The pair still trades below the 1.1600 handle.
- The greenback erodes some gains and returns to 95.20.
- US Q1 GDP came in at 2.0% vs. 2.2% initially forecasted.
The shared currency keeps the bid tone intact so far on Thursday and is now taking EUR/USD to the 1.1590/95 band, or session tops.
EUR/USD bid after data, looks to EU Summit
After two consecutive daily losses, the pair manages to leave behind earlier lows near 1.1520 and stage quite a moderate rebound to the boundaries of 1.1600 the figure as the greenback appears to have lost some upside momentum.
In fact, the buck eased some ground after clinching fresh 2018 tops in the 95.50/55 during early trade. The up move, however, lost some vigour afterwards and returned to the 95.20/25 band, where some contention has emerged.
In the data space, German advanced inflation figures are expected to rise at a monthly 0.1% in June and 2.1% over the last twelve months. Across the pond, the third look on the US Q1 GDP sees the economy expanding at an annualized 2.0%, a tad below estimates. In addition, Initial Claims rose 227K WoW, taking the 4-Week Average to 222.00K from 221.00K.
Looking ahead, EUR should remain in centre stage in light of the 2-day EU Summit that kicks in later today, where all the attention should be on migration.
EUR/USD levels to watch
At the moment, the pair is up 0.31% at 1.1589 facing the immediate resistance at 1.1615 (10-day sma) followed by 1.1674 (21-day sma) and finally 1.1720 (high Jun.26). On the other hand, a break below 1.1527 (low Jun.28) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017).
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