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28 Aug 2015
EUR/USD corrects higher, holds above 1.1250
FXStreet (Mumbai) - The EUR bulls breathe a sigh of relief heading in to the European opening bells, keeping EUR/USD in the green near the upper band of 1.12 handle, as the greenback consolidates to the downside after heavy gains experienced on Thursday.
EUR/USD hovers near session highs
The EUR/USD pair trades 0.14% higher at fresh session highs of 1.1266, finding good support at the mid-point of the 1.12 barrier. The major extends its corrective mode into the European session after the prices bounced-off 1.1200 levels reached in US last session.
The US dollar strength dominated on Thursday after the upbeat US Q2 GDP figures added to the impressive durable goods and housing data from the US, thereby confirming the recent USD rally.
US GDP annualized for the second quarter came out at 3.7% and sharply improved from the first estimate of 2.3%, while the PCE annualized indicator for Q2 also ticked higher, from 2.9% to 3.1%, the Bureau of Economic Analysis advised on Thursday.
Looking ahead, markets now shift attention towards German CPI figures ahead of the crucial US PCE index due later today, which may have major impact on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1300, above which gains could be extended to 1.1361 (Aug 24 Low), levels. On the flip side, support is seen at 1.1232 (Today’s Low) below which it could extend losses to 1.1202 (Aug 27 Low) levels.
EUR/USD hovers near session highs
The EUR/USD pair trades 0.14% higher at fresh session highs of 1.1266, finding good support at the mid-point of the 1.12 barrier. The major extends its corrective mode into the European session after the prices bounced-off 1.1200 levels reached in US last session.
The US dollar strength dominated on Thursday after the upbeat US Q2 GDP figures added to the impressive durable goods and housing data from the US, thereby confirming the recent USD rally.
US GDP annualized for the second quarter came out at 3.7% and sharply improved from the first estimate of 2.3%, while the PCE annualized indicator for Q2 also ticked higher, from 2.9% to 3.1%, the Bureau of Economic Analysis advised on Thursday.
Looking ahead, markets now shift attention towards German CPI figures ahead of the crucial US PCE index due later today, which may have major impact on the main currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1300, above which gains could be extended to 1.1361 (Aug 24 Low), levels. On the flip side, support is seen at 1.1232 (Today’s Low) below which it could extend losses to 1.1202 (Aug 27 Low) levels.