EUR/USD firmer, 1.10 looms

FXStreet (Edinburgh) – The shared currency is trading on the right footing on Friday, lifting EUR/USD to the boundaries of the psychological handle at 1.1000.

EUR/USD focus on Greece, US GDP

Greek headlines and the G7 meeting developments will remain the main catalysts for the pair’s price action today, ahead of the critical second revision of the US GDP Annualized. Prior surveys now expect the US economy to have contracted 0.8% on a yearly basis during Q1, lower than the initial revision at +0.2%.

Previously in Euroland, German Retail Sales grew 1.7% MoM in April and the Italian GDP expanded 0.3% inter-quarter in Q1. In the broader EMU, M3 Money Supply rose at an annual pace of 5.3% during April while Private Loans came in flat during the same period.

EUR/USD levels to watch

At the moment the pair is up 0.13% at 1.0963 with the next resistance at 1.0991 (high May 29) followed by 1.1062 (low May 20) and then 1.1067 (38.2% of 1.1468-1.0819). On the downside, a break below 1.0867 (low May 28) would target 1.0819 (low May 27) and finally 1.0785 (low Apr.24).

The shared currency is trading on the right footing on Friday, lifting EUR/USD to the boundaries of the psychological handle at 1.1000…

(Market News Provided by FXstreet)