EUR/USD quick look at the levels ahead of US GDP

Euro’s cut through descending channel seen on hourly chart has increased the odds of a break above 1.1173 hurdle and move towards 1.12-1.205 (zero figure + hourly 200-MA + rising trend line on the daily chart).

Acceptance above 1.1205 would open doors fora re-look at 1.1250-1.1260 and given the bullish daily RSI the momentum could take it higher to 1.13 levels in the next few days.

Conversely, break below 1.1115 (key fibo level + rising trend line) would expose support at 1.1088, under which 200-DMA at 1.1045 stands exposed.

 

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