EUR/USD (current price: 1.1160)
The most traded pair remained stuck between 1.11 and 1.1225, as the 200-day MA is catching up to the rate despite the still relatively god U.S. economic numbers. The Eurozone GDP growth number is still way below the U.S. reading that also surprised on the downside just two weeks ago, adding to the fears regarding the value of the common currency. The cross still looks more bullish technically as the rate holds above the 200-day MA, and it’s just below the 1.12 level, possibly waiting for a clear break-out.
Our assessment: EUR/USD still looks undecided, as it trades in a long-standing, broad neutral trading range since last March, after a historic decline to the 1.05 low.
