EUR/USD New York Price Forecast: Euro v-shaped recovery intact post-US GDP, trades near 1.0970 level

 

 

The euro is trading in a bear trend below the main daily simple moving averages (SMAs) as the spot is reversing up from 34-month lows. The spot broke above the 2019 low located at the 1.0879 level. Freshly released, the preliminary reading of the US Gross Domestic Product (GDP) in the fourth quarter of 2019 came in at 2.1% in line with expectations. 

 

 

 

EUR/USD is challenging the 1.0970 resistance and the 200 SMA on the four-hour chart. The buyers are currently in control suggesting that the market could extend its run towards the 1.1000 figure and the 1.1050 level, according to the Technical Confluences Indicator. Support can be expected near the 1.0940 and 1.0914 price levels.