Will Speculators Wager on Euro Direction?

Tomorrow’s GDP numbers from the States will impact forex. Speculators may be tempted to wager on the growth data from the U.S before it is published on Wednesday.

Euro Enjoying Sustained Momentum

A look at a mid-term chart for the Euro immediately shows the currency is testing highs. The Euro is valued near 1.2475 against the U.S Dollar this morning and has enjoyed sustained momentum the past few trading sessions.

Resistance has proven to be strong against the Euro near the 1.2550 summit early this year and during later part of 2017. Support for the European currency appears to be around the 1.2300 level in the short term.

A Steady Diet of Buying for Euro

The Euro has seen a steady diet of buying from investors since the U.S Federal Reserve’s monetary policy statement, but tomorrow’s Gross Domestic Product results from the States may serve as a counterforce if growth numbers come in stronger than expected.

Until the key U.S GDP data is released tomorrow, range trading may be dominant. However, speculators who have the courage to wager on the outcome of Wednesday’s report may try to position themselves beforehand.

In the short term, we believe the Euro could be negative. The mid-term and Long term we are unbiased.

Yaron Mazor is a senior analyst at SuperTraderTV.

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