EUR/USD stays depressed below 1.2100 ahead of US GDP
- The pair remains entrenched into the negative ground below 1.2100.
- EUR trades in fresh 3-month lows vs. the buck, now targets 1.20.
- Advanced US Q1 GDP figures next of relevance in the docket.
The decline around the single currency appears to have found some contention in the vicinity of 1.2060 vs. the buck, with EUR/USD now attempting to regain the 1.2080 area.
EUR/USD looks to US docket
The pair extends the offered stance for the third consecutive session so far on Friday, quickly leaving behind the multi-month 1.2155/1.2555 range and focusing instead on the psychological support at 1.2000 the figure, where sits the critical 200-day sma.
EUR picked up extra downside pressure following the steady/cautious stance from the European Central Bank at its meeting on Thursday, accelerated at the same time by another boost to the risk-on trade in light of shrinking geopolitical tensions involving US, Russia, North Korea, Russia.
In the data space, EMU’s confidence/sentiment gauges came in mixed earlier in the day, although the main focus will be on the first estimate of Q1 GDP figures followed by the final print of Consumer Sentiment for the month of April.
EUR/USD levels to watch
At the moment, the pair is losing 0.21% at 1.2079 and a breakdown of 1.2065 (low Apr.27) would target 1.2010 (200-day sma) and then 1.1916 (2018 low Jan.19). On the flip side, the next resistance emerges at 1.2210 (high Apr.26) seconded by 1.2258 (10-day sma) en route to 1.2284 (21-day sma).