EUR/USD: awaits US 3Q GDP final revisions – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that a quiet beginning of the week saw the EUR/USD pair advancing up to 1.0938, its highest ever since the FED’s 25bp rate hike, last Wednesday.

Key Quotes:

“If something, a strong bounce in gold prices was behind the rally, exacerbated by thin holiday volumes. The macroeconomic calendar offered no trading clues, as during the European morning, Germany PPI for November resulted as expected. Investors will be now looking for the outcome of the final revision of the US Q3 GDP reading to be released this Tuesday, expected to remain unchanged from its previous revision at 2.1%.

The pair has recovered some of its former shine, as the intraday technical picture is mild bullish ahead of the Asian opening, according to the 4 hours chart, where the price has recovered above its moving averages, while the technical indicators are back above their mid-lines, but lacking upward momentum.

Also, the pair has recovered above the 1.0880 level, the 38.2% retracement of its latest monthly decline, now the immediate support. Nevertheless, the pair is expected to remain confined to a limited intraday range during the upcoming days, with some short lived spikes …read more

Source:: FX Street