The common currency has quickly lost the grip following US data, prompting EUR/USD to intensify the decline towards the mid-1.0900s, recent lows.
EUR/USD weaker on upbeat US GDP
The pair has lost over a big-figure since overnight tops around 1.1070, as risk appetite trends, disappointing EMU/German data and auspicious US GDP figures during Q4 are weighing on sentiment.
Spot is now trading closer to Wednesday’s 3-week lows in the 1.0950 area while traders get ready for the second batch of US data: Personal Income/Spending, inflation figures tracked by the PCE and the Reuters/Michigan index.
EUR/USD levels to watch
The pair is now losing 0.47% at 1.0972 and a break below 1.0955 (low Feb.24) would expose 1.0867 (76.4% Fibo of December up-move) and finally 1.0709 (2016 low Jan.5). On the other hand, the immediate hurdle aligns at 1.1120 (20-day sma) ahead of 1.1220 (23.6% Fibo of December up-move) and then 1.1379 (2016 high Feb.11).