Friday, May 29, 2015

Saved by the support line

The euro managed to pull through the downward move yesterday and found the needed support at the 1.0900 level. The US GDP data was not an impressive event and the euro climbed to 1.10 thus marking a third consecutive day of gains. The price action is driven by US growth surprises and disappointments. Here's the latest US data: 
USD Gross Domestic Product (Annualized) (1Q S): -0.7% vs -0.9% estimate, 0.2% prior.
USD Core Personal Consumption Expenditure (QoQ) (1Q S): 0.8% actual vs 0.9% estimate, 0.9% prior.

The EURUSD pair looks poised to close the daily candle in green and why not even the weekly?
Chart: 4h


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