Search ForexCrunch
  • The pair keeps the negative bias intact on Friday around 1.1630.
  • US advanced Q3 GDP figures came in a tad below consensus at 4.1%.
  • US final July’s Consumer Sentiment next of relevance in the docket.

The sentiment around the shared currency remains on the bearish side so far today, pushing EUR/USD to test the area of session lows in the 1.1630/20 band.

EUR/USD attempts a bounce off lows

After bottoming out in the boundaries of 1.1620 in early trade, the pair is now attempting a tepid rebound to the 1.1640 region following the release of advanced US Q2 GDP figures.

In fact, the greenback is now seeing a knee-jerk after the flash print for US GDP showed the economy is expected to expand at an annualized 4.1% during the April-June period, slightly below initial estimates.

In the meantime, spot has eroded gains recorded during the first half of the week and is now on the way to close the week in the red territory, offsetting the previous positive close.

Later in the NA session, the final print of the U-Mich index is due, with consensus expecting US Consumer Sentiment to improve a tad to 86.5.

EUR/USD levels to watch

At the moment, the pair is down 0.07% at 1.1637 facing immediate support at 1.1621 (low Jul.27) followed by 1.1575 (low Jul.19) and then 1.1527 (low Jun.28). On the upside, a breakout of 1.1749 (high Jul.23) would open the door to 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14).