Brocker.Org: EUR/USD stays around lows post-EMU GDP


The selling pressure around the common currency remains well and sound on Wednesday, with EUR/USD navigating the area of daily lows around 1.0910.

EUR/USD offered on data, eyes on Fed

The renewed buying interest around the greenback is pushing the pair to the lower end of the daily range near the key support at 1.0900 the figure, while the US Dollar Index (DXY) is approaching the critical 99.00 up barrier.

EUR found no respite from today’s calendar, where EMU’s GDP figures showed the economy is expected to expand 0.5% inter-quarter during the January-March period and 1.7% on a yearly basis, matching initial forecasts.

Further data saw Producer Prices in the region contracting at a monthly 0.3% and 3.9% on a year to March, both reading coming in short of expectations.

Across the pond, the main attraction will be the FOMC meeting, seconded by the ISM Non-manufacturing and the ADP report (180K exp.).

EUR/USD levels to watch

At the moment, the pair is retreating 0.19% at 1.0909 and a break below 1.0850 (low Apr.27) would target 1.0835 (200-day sma) en route to 1.0805 (23.6% Fibo of the April rally). On the flip side, the next up barrier aligns at 1.0937 (high May 3) seconded by 1.0951 (2017 high Apr.25) and finally 1.1300 (high Nov.9 2016).