EUR/USD after poor US GDP Q2 figures: Weakness on the greenback for mid-term?
A poor US GDP report released last Friday helped to add weakness on the greenback, following a 1.2% number, which is well-below the 2.6% expected for Q2. Also, FOMC minutes didn't give major hints in terms of the US economy. Today at 14:00 GMT will be released the ISM Manufacturing PMI, which should see a very slight decline from 53.2 to 53.1. The analysts don't expect very volatile movements after the release.
The technical overview for EUR/USD at H4 chart is showing a very bullish road ongoing, as the pair is doing a consolidation above the 200 SMA. A strong resistance can be seen at the 1.1210 level and if the Manufacturing PMI's reading is weaker than expected, then a rally towards the 1.1295 level can happen, where also a bearish trend line is projected. In the other scenario, a breakout below the 1.1154 support level can open the doors to test the 1.1044 level.