30 Jul 2015
EUR/USD hits weekly lows after US GDP
FXStreet (Córdoba) - EUR/USD dipped below the 1.0950/40 support zone and printed fresh weekly lows as the greenback strengthened on the back of strong, although below expectations, US gross domestic product figures.
US Q2 GDP below expectations but Q1 revised up
US GDP rose 2.3% in the second quarter according to the preliminary estimate, below 2.6% expected by analysts. However, the positive note came from Q1 GDP, which was upwardly revised to +0.6% from -0.2% previously estimated. Inflation as measured by the PCE price index increased by 2.2% (2.0% expected), while the core PCE rose to a 1.8% annual pace (1.6% expected).
Separated data showed US jobless claims rose to 267K in the latest week, but remained below the 270K expected.
EUR/USD reacted negatively and bottomed out at 1.0923 but quickly trimmed some losses and it was last trading at 1.0950, still 0.28% below its opening price but only a few pips below pre-data levels.
EUR/USD key levels
In terms of technical levels, next supports are seen at 1.0923 (Jul 30 low) and 1.0900 (psychological level). On the upside, resistances could be found at 1.0989 (20-day SMA/Jul 30 high), 1.1015 (100-day SMA) and 1.1083 (Jul 29 high)
US Q2 GDP below expectations but Q1 revised up
US GDP rose 2.3% in the second quarter according to the preliminary estimate, below 2.6% expected by analysts. However, the positive note came from Q1 GDP, which was upwardly revised to +0.6% from -0.2% previously estimated. Inflation as measured by the PCE price index increased by 2.2% (2.0% expected), while the core PCE rose to a 1.8% annual pace (1.6% expected).
Separated data showed US jobless claims rose to 267K in the latest week, but remained below the 270K expected.
EUR/USD reacted negatively and bottomed out at 1.0923 but quickly trimmed some losses and it was last trading at 1.0950, still 0.28% below its opening price but only a few pips below pre-data levels.
EUR/USD key levels
In terms of technical levels, next supports are seen at 1.0923 (Jul 30 low) and 1.0900 (psychological level). On the upside, resistances could be found at 1.0989 (20-day SMA/Jul 30 high), 1.1015 (100-day SMA) and 1.1083 (Jul 29 high)