EUR/USD Daily Update

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EUR/USD Daily Update

The pick of the day is EUR/USD. Why? Because we saw a good amount of European data during this morning’s London session, mainly in the form of preliminary GDP data. This was mostly better-than-expected, sparking a jump to the north in Mr. Euro as he dances against Ms. USA. German GDP rose 0.4%, French GDP rose 0.3% and Italy’s fourth quarter GDP rose 0.1%.

The pair finally confirmed a break above the downward channel on the 6 hour dance floor.

On the daily dance floor, [Img 2] the pair is very close to break above the Ichimoku cloud, and if it does, that could open doors for more gains. Since the RSI is approaching the oversold zone, next resistance level isn’t likely to be anything above the hard-core resistance level of 1.38. Daily support levels are at 1.35899, 1.34859 and 1.33534.

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Stay tuned for more updates and if you feel like you’re lost in translation with this report, come one over to and check out our straightforward and easy education program.