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28 Feb 2014
EUR/USD clings to 1.3800 after US GDP revision
FXStreet (Córdoba) - The EUR/USD remained little changed around the 1.3800 mark after the US GDP for Q4 2013 was downwardly revised.
The US Q4 GDP was revised down to 2.4% from 3.2% previously estimated and versus 2.5% expected. The EUR/USD showed virtually no reaction to data but remained firm just above 1.3800, having rallied to a fresh 2014 high of 1.3817 in the wake of higher-than-expected Eurozone CPI. At time of writing, the EUR/USD is trading at 1.3805, recording a 0.7% gain Friday.
EUR/USD levels to watch
If the EUR/USD breaks above 1.3817/18 (2014 high/Dec 30 high), next resistances could be found at 1.3891 (2013 high Dec 27). On the flip side, supports are seen at 1.3694 (Feb 28 low), 1.3660 (21-day SMA) en route to 1.3628 (100-day SMA).
The US Q4 GDP was revised down to 2.4% from 3.2% previously estimated and versus 2.5% expected. The EUR/USD showed virtually no reaction to data but remained firm just above 1.3800, having rallied to a fresh 2014 high of 1.3817 in the wake of higher-than-expected Eurozone CPI. At time of writing, the EUR/USD is trading at 1.3805, recording a 0.7% gain Friday.
EUR/USD levels to watch
If the EUR/USD breaks above 1.3817/18 (2014 high/Dec 30 high), next resistances could be found at 1.3891 (2013 high Dec 27). On the flip side, supports are seen at 1.3694 (Feb 28 low), 1.3660 (21-day SMA) en route to 1.3628 (100-day SMA).