- The US dollar remains steady in market posting mix results, unaffected by US Q3 GDP data.
- EUR/USD moves between 1.1270 and 1.1290 ahead of Powell’s speech.
The EUR/USD pair is trading in a 20-pips range around 1.1280, marginally lower for the day. The pair has been steady and it manged to hold above daily lows despite some US dollar strength versus the pound and the yen.
The rebound in EUR/GBP could have help EUR/USD remain in the range. Ahead of Chairman Powell’s speech, the bias remains to the downside but it is consolidating. A break below 1.1265 could open the doors to further losses while a rebound from current levels could be seen as a signal that the euro hast bottomed in the very short term.
Data released earlier today, showed that the US economy expanded at an annualized 3.5% during the July-September period, similar to the previous estimate and in line with market consensus.
EUR/USD Short-term levels to watch
To the upside, resistance is seen around 1.1290 (upper limit of current range and 20-hour moving average), followed by 1.1305 and 1.1325. On the downside, 1.1265 is a strong support that if broken could open the doors for a slide to 1.1240 and below the November low at 1.1215 would be exposed.
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