EUR/USD Analysis: US GDP beats expectations, Euro resilient in face of Dollar strength
- US Q2 GDP grows at 2.8%, inflation lower than expected
- Tech sector struggles, but upbeat US data limits Dollar demand
- EUR/USD battles around 1.0850 as sentiment drives direction
The EUR/USD pair remained steady as the US Dollar gained strength amidst poor global equities performance and positive US economic data. The US economy grew by 2.8% in Q2, with inflation slightly lower than anticipated. This news initially boosted the Dollar, but also helped stabilize stock markets, reducing demand for the Greenback.
Technically, the EUR/USD pair is hovering around the 1.0850 level, with short-term bullish potential limited by moving averages and technical indicators. Support levels are at 1.0820, 1.0770, and 1.0725, while resistance levels are at 1.0870, 1.0910, and 1.0945.
In summary, the US GDP beat expectations, leading to Dollar strength and market uncertainty. The Euro remained resilient, but the future direction of the EUR/USD pair depends on market sentiment and economic data releases. Traders should monitor support and resistance levels for potential trading opportunities.