The common currency outshone the USD as the preliminary GDP reports were positive. Flash GDP estimates for the first quarter rose 0.4%, beating estimates of 0.3% and up from a 0.2% increase previously. The USD remained on the back foot despite some upbeat data. The Conference Board’s consumer confidence report saw the index rising to 129.2 while pending home sales gained 3.8%.
Can the EURUSD Break-Out from the Resistance?
The euro currency is holding steady as it advanced to 1.1226. Establishing resistance here could see the common currency drifting sideways. The lower support is formed at 1.1140. Within this range, the EURUSD could potentially extend the declines lower for another retest of the support. To the upside, in the event that the euro breaks higher, 1.1280 will be the next main resistance level of interest.
