22 May 2015
EUR/USD prints highs on German GDP
FXStreet (Edinburgh) - The European currency has started on the right footing on Friday, now pushing EUR/USD to test session tops near 1.1170.
EUR/USD firmer post data
The pair advanced further after German Q1 GDP figures showed the economy expanded 0.3% inter-quarter and 1.1% on a yearly basis, in line with expectations. Spot keeps the trade within the recent range so far, somewhat stuck around the mid-1.1100s.
The pair will remain vigilant on the events and news coming from the EU Leaders Summit in Riga in connection with the debt talks between Greece and its creditors. In the data space and still in Germany, the IFO indicator is due later, with consensus pointing to a slight drop in all of its components. Across the pond, inflation figures gauged by the CPI are expected.
EUR/USD levels to consider
As of writing the pair is up 0.48% at 1.1166 and a breakout of 1.1182 (high May 21) would aim for 1.1217 (38.2% of 1.1468-1.1062) and then 1.1244 (10-d MA). On the flip side, the immediate support lines up at 1.1062 (low May 20) followed by 1.0994 (50% of 1.0521-1.1468) and finally 1.0978 (daily cloud top).
EUR/USD firmer post data
The pair advanced further after German Q1 GDP figures showed the economy expanded 0.3% inter-quarter and 1.1% on a yearly basis, in line with expectations. Spot keeps the trade within the recent range so far, somewhat stuck around the mid-1.1100s.
The pair will remain vigilant on the events and news coming from the EU Leaders Summit in Riga in connection with the debt talks between Greece and its creditors. In the data space and still in Germany, the IFO indicator is due later, with consensus pointing to a slight drop in all of its components. Across the pond, inflation figures gauged by the CPI are expected.
EUR/USD levels to consider
As of writing the pair is up 0.48% at 1.1166 and a breakout of 1.1182 (high May 21) would aim for 1.1217 (38.2% of 1.1468-1.1062) and then 1.1244 (10-d MA). On the flip side, the immediate support lines up at 1.1062 (low May 20) followed by 1.0994 (50% of 1.0521-1.1468) and finally 1.0978 (daily cloud top).