EURUSD Forecast: Support holds despite a good GDP data
The EURUSD pair continued to push lower last week but still unable to clear 1.1120 Support area in the face of a better than expected US GDP q/q number on Friday. There are at least two technical reasons of why 1.1120 could be a strong support at this phase. First, it is one of a major support, the low of June 2017. Secondly, as you can see on my H1 chart below, we have a potential double/triple bottom formation in the making which would be confirmed by a break above 1.1175. The bias is neutral in the nearest term. Immediate resistance lies around 1.1174 (Friday’s high). A clear break and daily close above that area could trigger further upside pullback testing 1.1215 – 1.1240 resistance area. Overall price still keep up its major bearish theme but need to clear 1.1120 support area to extend the bearish movement targeting 1.1050/00 area.