EUR/USD eyes 1.1140 on poor US GDP

The upbeat momentum around the single currency is now gathering further traction, lifting EUR/USD to test fresh highs near 1.1140.

EUR/USD up on US GDP miss

Spot saw its upside renewed after advanced US GDP figures have come in below consensus for the second quarter, showing the economy is expected to expand at an annualized 1.2% vs. 2.6% initially estimated and up from Q1’s 0.8% gain (revised from 1.1%).

Next on tap will be the final figures of US Consumer Sentiment measured by the Reuters/Michigan index (90.5 exp.) and the speeches by FOMC’s Williams and Kaplan.

EUR/USD levels to watch

The pair is now gaining 0.48% at 1.1130 facing the initial hurdle at 1.1166 (high Jul.14) followed by 1.1184 (high Jul.5) and then 1.1260 (base of the 7-month rising channel). On the flip side, a breakdown of 1.0950 (low Jul.25) would target 1.0913 (post-Brexit low Jun.24) en route to 1.0820 (low Mar.10).