25 Jun 2014
Poor US GDP data pushes EUR/USD to 1.3651 - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik GBP/USD points out that the disappointing US Q1 GDP data revealing a -2.9% slowdown in growth and the unexpected contraction in Durable Goods Orders resulted in a EUR/USD surged up to 1.365.
Key quotes
"Having reached the critical resistance area, the pair consolidates its gains above former weekly high of 1.3627, with the hourly chart showing a strong upward momentum coming from indicators and price finally moving away from its moving averages, both 20 and 100 ones both around 1.3610."
"In the 4 hours chart indicators head higher distancing from their midlines, also supporting an upward continuation, thus a price acceleration above mentioned high is required to confirm a new leg up, eyeing 1.3680, 61.8% retracement of this year rally."
Key quotes
"Having reached the critical resistance area, the pair consolidates its gains above former weekly high of 1.3627, with the hourly chart showing a strong upward momentum coming from indicators and price finally moving away from its moving averages, both 20 and 100 ones both around 1.3610."
"In the 4 hours chart indicators head higher distancing from their midlines, also supporting an upward continuation, thus a price acceleration above mentioned high is required to confirm a new leg up, eyeing 1.3680, 61.8% retracement of this year rally."