EUR/USD retreats from post-US GDP swing highs, still above 1.1700 handle

The EUR/USD pair faded post-US GDP knee-jerk spike to 1.1753 level and quickly retreated around 30-40 pips from session tops. 

The pair spiked back closer to multi-month tops touched in the previous session after the US GDP report showed a downward revision to Q1 figures, and weaker-than-expected employment cost index and the core PCE numbers. 

The up-move lost momentum as additional details revealed a strong consumer spending story, with consumption index up 2.8% and Q1 revised up to 1.9% from 1.1% reported earlier. 

   •  US GDP growth at 2.6% with the consumer bouncing back - ING

The pair, however, held above the 1.1700 handle and is finding some buying interest near 1.1715-20 region as the shared currency remained supported by today's slightly better-than-expected German flash inflation figures. 

Next in focus would be the revised UoM Consumer Sentiment Index, due in a while from now, followed by Minneapolis Fed President Neel Kashkari's scheduled speech later during the NY trading session. 

Technical outlook

Valeria Bednarik, Chief Analyst at FXStreet writes, "in the 4 hours chart, technical indicators accelerated north within positive territory, whilst the price extended further above its 20 SMA, which contained declines during the past few sessions. The pair needs now to accelerate beyond its yearly high of 1.1776, to extend its advance towards 1.1800 and beyond during the upcoming hours."