- The pair manages to rebound from the 1.1530 region.
- The greenback retreats from tops in beyond 95.50.
- Italian advanced CPI came in above estimates for June.
The single currency has recovered the smile on Thursday and is now prompting EUR/USD to abandon de area of daily los and move towards the 1.1600 handle.
EUR/USD looks to US GDP
Spot bounced off daily lows in the 1.1530 amidst some retracement in the greenback.
A pick up in the risk-off sentiment is driving US yields lower and thus collaborates in the current knee jerk around the buck, all morphing into the ongoing recovery in spot.
Earlier in the session, Spanish advanced inflation figures matched estimates for the month of June, while Italian CPI surprised to the upside, all ahead of the more relevant German releases later in the day.
In the US data space, the third revision of Q1 GDP is next on tap seconded in relevance by the weekly Initial Claims and speeches by FOMC’s Bostic and Bullard.
EUR/USD levels to watch
At the moment, the pair is up 0.27% at 1.1584 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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