31 Jul 2013
EUR/USD crashes through multiple supports on robust US GDP
FXstreet.com (New York) - The EUR/USD has taken a tumble Wednesday, receiving a negative impetus from a strengthen USD on the heels of robust Q2 GBP.
EUR/USD event risk
In the United States, Gross Domestic Product Annualized (Q2) came in at +1.7%, exceeding estimates of only +1.2%. Moreover, the Gross Domestic Product Price Index rose only +0.7% in Q2, missing expectations of +1.0%. Finally Personal Consumption Expenditures Prices (QoQ) came in at 0.0%, below a projection calling for +1.6%. Later today at 18:00 GMT, investors will be tuned in for the FOMC interest rate decision and Monetary Policy Statement.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD is attempting to turn to the upside to stabilize above 1.3275 and now trading below it after Linear Regression Indicator 34 halted the upside move. RSI is biased lower and attempting to break 50 points to the downside.”
The EUR/USD has been afflicted with negativity following the US data release, which sent the pair crashing lower during US trading. At the time of writing, the pair is now operating at 1.3224, down -0.27% Wednesday. Briefing the technicals, after a break below the 1.3247 and 1.3233 supports, the EUR/USD remains fortified by additional means of correction at 1.3223 ahead of 1.3206, notes the Danske Research team.
EUR/USD event risk
In the United States, Gross Domestic Product Annualized (Q2) came in at +1.7%, exceeding estimates of only +1.2%. Moreover, the Gross Domestic Product Price Index rose only +0.7% in Q2, missing expectations of +1.0%. Finally Personal Consumption Expenditures Prices (QoQ) came in at 0.0%, below a projection calling for +1.6%. Later today at 18:00 GMT, investors will be tuned in for the FOMC interest rate decision and Monetary Policy Statement.
EUR/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The EUR/USD is attempting to turn to the upside to stabilize above 1.3275 and now trading below it after Linear Regression Indicator 34 halted the upside move. RSI is biased lower and attempting to break 50 points to the downside.”
The EUR/USD has been afflicted with negativity following the US data release, which sent the pair crashing lower during US trading. At the time of writing, the pair is now operating at 1.3224, down -0.27% Wednesday. Briefing the technicals, after a break below the 1.3247 and 1.3233 supports, the EUR/USD remains fortified by additional means of correction at 1.3223 ahead of 1.3206, notes the Danske Research team.