EUR/USD around 1.1300 on US data, Yellen eyed

The single currency has gained some pips following today’s releases in the US economy, with EUR/USD now testing the 1.1300 neighbourhood.

EUR/USD bid post-data

The pair’s daily stance remained unchanged after another estimate of US GDP showed the economy is expected to expand at an annualized 1.1%, matching consensus.

Further data showed the US goods trade deficit shrunk to $59 billion in July from June’s $63.3 billion.

Next of relevance for spot will be the speech by Head J.Yellen at Jackson Hole, with markets focusing on clues regarding the timing of the next rate hike by the Federal Reserve.

EUR/USD levels to watch

The pair is now up 0.14% at 1.1298 and a breakout of 1.1357 (high Aug.23) would aim for 1.1434 (high Jun.24) and finally 1.1466 (high Apr.12). On the other hand, the immediate support aligns at 1.1242 (low Aug.24) followed by 1.1223 (2014-2016 support line) and finally 1.1179 (38.2% Fibo of May-June drop).