EUR/USD extends decline after US GDP

By FXStreet EUR/USD broke below the 1.1000 level and accelerated toward fresh 2-day lows, as dollar strengthened across the board following the release of US gross domestic product revision.

US fourth quarter GDP was revised higher to an annualized rate of 1% compared with an initial estimate of 0.7%, although the sharp upward revision was mainly due to change in inventory valuation method.

EUR/USD dropped to a low of 1.0978 and it was last trading at 1.0980, recording a 0.33% loss on the day.

EUR/USD levels to watch

As for technical levels, immediate supports are seen at 1.0955 (100-day SMA) and 1.0903/00 (Feb 3 low/psychological level) ahead of 1.0882 (Feb 2 low). On the other hand, resistances could be found at 1.1067 (Feb 26 high), 1.1138 (Feb 19 high) and 1.1178 (Feb 17 high).
For more information, read our latest forex news. …read more

Source:: FX Street