Tuesday, September 8, 2015

EUR/USD indifferent on GDP data

The pair keeps meandering around the 1.1180/70 area despite EMU’s GDP figures have shown that the region’s economy has expanded more than initially forecasted during the second quarter, 0.4% inter-quarter and 1.5% on a yearly basis, vs. 0.3% and 1.2% expected, respectively. The pair remains in correction-mode after climbing as high as the 1.1230 area following the lackluster results from Chinese trade balance during last month.

The EUR/USD pair is advancing 0.03% at 1.1174 and a breakout of 1.1224 (high Sep.8) would target 1.1243 (high Sep.3) en route to 1.1294 (high Sep.2). On the other hand, the next support lines up at 1.1154 (low Sep.8) followed by 1.1089 (low Sep.4) and finally 1.1057 (low Aug.12).

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