EUR/USD Finds Support at 1.08150, Investors Await Key Inflation
Updated
EUR/USD rebounded from the 1.08150 demand area and closed in positive territory on Thursday. The pair fluctuates above 1.0830 during the European session as investors remain cautious ahead of key inflation data.
The US Bureau of Economic Analysis (BEA) revised the annualized first-quarter Gross Domestic Product (GDP) growth down to 1.3% from the initial estimate of 1.6%. Consequently, the benchmark 10-year US Treasury bond yield corrected lower, losing more than 1% on Thursday, which undermined the US Dollar (USD) and prevented it from maintaining its strength.
From a technical perspective, we are anticipating a potential bullish impulse after the price has captured some liquidity, as indicated in the footprint chart below. We are looking for a long setup.
The US Bureau of Economic Analysis (BEA) revised the annualized first-quarter Gross Domestic Product (GDP) growth down to 1.3% from the initial estimate of 1.6%. Consequently, the benchmark 10-year US Treasury bond yield corrected lower, losing more than 1% on Thursday, which undermined the US Dollar (USD) and prevented it from maintaining its strength.
From a technical perspective, we are anticipating a potential bullish impulse after the price has captured some liquidity, as indicated in the footprint chart below. We are looking for a long setup.
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