The EUR/USD lost ground during the middle of the U.S. trading session following an upgrade by the Atlanta Fed for Q3 GDP. The Atlanta Fed's GDPNow was
The EUR/USD lost ground during the middle of the U.S. trading session following an upgrade by the Atlanta Fed for Q3 GDP. The Atlanta Fed’s GDPNow was boosted to 1.3% for Q3 from the previous 0.7% estimate, as the measure catches up to the internals of Friday’s industrial production report, though still some distance from the median estimate of 2.7%.
The currency pair sliced through the 50-day moving average and is now poised to test support at an upward sloping trend line near 1.09. Resistance above the 50-day moving average is seen near a downward sloping trend line at 1.1150. The tighter consolidating pattern has pushed the RSI to 51, very close to the middle of the neutral range.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
