The euro traded weaker despite a better than expected GDP report. Data from Eurostat showed the third quarter GDP rising by 0.2%.
This beat estimates of a 0.1% increase. The third-quarter gains were at the same pace as the previous quarter. Economists we expecting growth to slow on the back of weak figures from Germany.
EUR/USD Retreats from Resistance
The euro pulled back after price fell short of testing the resistance level at 1.1177. However, the failure to test this resistance level firmly could mean that a rebound might occur.
A firm retest of the resistance level at 1.1177 will keep the currency pair range-bound. The lower support at 1.1075 will keep a lid on the declines for now.
