EUR/USD consolidates below 1.1150, awaits GDP

EUR/USD extends its overnight consolidative phase into early Europe, with the bears having taken a breather after yesterday’s steep drop, as investors now turn their attention towards key economic releases from both continents.

EUR/USD supported at 5-DMA

Currently, EUR/USD trades almost unchanged at 1.1139, holding above 5-DMA placed at 1.1132. The main currency pair is seen moving back and forth in a 15-pips narrow range, consolidating heavy losses booked a day before, and now awaits a fresh batch of economic releases from the Eurozone lined up for release in the session ahead.

The immediate focus remains on the German prelim GDP figures, followed by Eurozone flash GDP. While the US calendar offers the much-awaited US retail sales, PPI and consumer sentiment data, which will wrap up a data-quiet week.

sEUR/USD Technical Levels            

In terms of technicals, the pair finds the immediate resistance 1.1207 (100-DMA). A break beyond the last, doors will open for a test of 1.1250 (psychological levels). On the flip side, the immediate support is placed at 1.1127/16 (200 & 50-DMA) below which 1.1100/1.1096 (round number/ 20-DMA) could be tested.