EUR/USD was struggling at the bottom of the range as volume returned to normal. Traders in the UK and in the US are back to business. Yet after the initial sell-off, the pair is recovering. The good news comes from France’s GDP report. The updated estimate show a growth rate of 0.4% q/q in Q1, better than 0.3% originally reported. This may result in an upgrade to the euro-zone GDP. However, inflation figures missed expectations. Spain saw a significant slowdown, with fuel prices dragging down the year over year GDP number from 2.6% to 1.9%, below 2.1% expected. Inflation figures are dripping from the various states of Germany and they also point to a moderation. The drop in year over year figures are also around 0.5% in comparison to the previous month. We will get the all-European figure at 12:00 GMT. Inflation is expected to drop in May after a bump-up in April. Yet while headline inflation can be transitory, the ECB has recently put more emphasis on core inflation. These have reached 1.2% in April, the highest since 2013. A drop to 1% is on the cards now. EUR/USD levels All in all, this rise in EUR/USD is not really justified: the upgrade in French GDP does not compensate for the drop in CPI that the ECB cares about. And, we can see some dollar weakness across the board, so the slide is not unique to the common currency. Support remains at 1.1120. The dip under that level seems like a false break. Further support awaits at 1.1050, followed by 1.0950. Resistance is at 1.1160 which worked previously as support. Further above, 1.1266 is the cycle high. More: EUR/USD: Tactical Profit-Taking – Barclays Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next CAD: A Couple Of Major Positives – Where To Target? Yohay Elam 6 years EUR/USD was struggling at the bottom of the range as volume returned to normal. Traders in the UK and in the US are back to business. Yet after the initial sell-off, the pair is recovering. The good news comes from France's GDP report. The updated estimate show a growth rate of 0.4% q/q in Q1, better than 0.3% originally reported. This may result in an upgrade to the euro-zone GDP. However, inflation figures missed expectations. Spain saw a significant slowdown, with fuel prices dragging down the year over year GDP number from 2.6% to 1.9%, below 2.1% expected. Inflation figures… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
