Home » Charts » 05/29/15: EURUSD Recovers at 1.10

05/29/15: EURUSD Recovers at 1.10

The EURUSD rebounded on Friday and could be prepared to turn higher as weak US GDP revisions set the stage for a weaker dollar.

The EURUSD was trading at 1.0992 in the early New York session, up 0.3 percent. The pair climbed to a session high of 1.1010 before consolidating below the psychological level. While the pair is likely to remain pressured by the unraveling Greece situation, disappointing US GDP could set the stage for a larger rally.

The EURUSD faces initial support at the daily high of 1.1010, which is also the high from May 25. A break above that level would target 1.1075. On the downside, initial support is located at 1.0900 followed by 1.0933.

 

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