Key Points
- The Euro remains in an uptrend against the US Dollar with supports at 1.1220 and 1.1200.
- There are two bullish trend lines with supports at 1.1220 and 1.1200 formed on the hourly chart of EURUSD.
- Today in the Euro Zone, the German Gross Domestic Product for Q1 2017 was released by the Statistisches Bundesamt Deutschland.
- The result was around the forecast, as the Gross Domestic Product grew by 0.6% (QoQ) in Q1 2017.
EURUSD Technical Analysis
The Euro gained traction recently and moved above the 1.1180 and 1.1200 resistance levels against the US Dollar. The EURUSD pair traded as high as 1.1266 where it faced sellers and currently correcting lower towards 1.1215.
There are two bullish trend lines with supports at 1.1220 and 1.1200 waiting on the hourly chart to act as a buy zone.
The first trend line also coincides with the 21 hourly simple moving average at 1.1208 and the 50% Fib retracement level of the last wave from the 1.1164 low to 1.1266 high.
German Gross Domestic Product
Recently in the Euro Zone, the German Gross Domestic Product for Q1 2017 was released by the Statistisches Bundesamt Deutschland. The market was positioned for a rise of 0.6% in the GDP in Q1 2017, compared with the previous quarter.
The outcome was around the forecast, as the Gross Domestic Product grew by 0.6% (QoQ) in Q1 2017. In terms of the yearly change, there was an increase of 1.7% in Q1 2017, which was again in line with the forecast. The report added that “Economic growth accelerated year on year, too. The price-adjusted GDP in the first quarter of 2017 was up by 2.9% compared with the first quarter of 2016”.
Overall, the EURSUD pair may correct a few pips towards 1.1215 before gaining bids for another upside move.
