EUR/USD Technical Analysis: Euro corrects towards 1.1160 despite better-than-expected US GDP

0

EUR/USD daily chart

  • EUR/USD is trading in a bear trend below its main simple moving average (SMAs).
  • The US Gross Domestic Product Annualized (GDP) for the first quarter came in at 3.2% vs. 2.1% forecast.
  • After an initial reaction down, EUR/USD is now correcting to the upside.

EUR/USD 4-hour chart

  • EUR/USD is trading below its main SMAs suggesting a bearish bias in the medium-term.


EUR/USD 30-minute chart

  • EUR/USD is trading above its 50 and 100 SMAs suggesting a correction up
  • Resistances to the upside are seen at 1.1160 and 1.1200 level.
  • Support is at 1.1200 and 1.1080 level.


Additional key levels

 

Get the 5 most predictable currency pairs

About Author