EUR/USD Technical Analysis: Levels to watch ahead of US GDP

• EUR/USD is to rock on US GDP. 
• The currency pair has support at 1.1123, 1.1107, and 1.1025.
• Resistance awaits at 1.1145, 1.1190, and 1.1225. 

EUR/USD has been trading in a tight range in anticipation of the all-important US GDP release. Economists foresee a small downgrade from 3.2% originally reported.

​​​​​​​EUR/USD four-hour chart

When the data is out, here are the critical levels to watch:

EUR/USD Support

The first line awaits at 1.1123 which was the daily low and a level also challenged on Wednesday.

The next line is critical – the 2019 low of 1.1107, close to the previous 1.1110 level and a double-bottom.

Finally, 1.1025 dates back to 2017, the last time EUR/USD traded below 1.1100.

EUR/USD Resistance

The current daily high of 1.1145 is the initial line of resistance. 

The next line to watch is the all-important 1.1190 level – the confluence of the 50 Simple Moving Average and a swing high from last week. 

The final level to watch is last week's peak of 1.1225.

US GDP

Revisions to GDP are rarely large through the January shutdown and subsequent reporting confusion heighten the chance that something substantial was missed.

Given the depressed consumer sentiment numbers in the first quarter, the already declining business confidence figures, and the negative revisions to the March durable goods orders the risk is for a lower than expected GDP result.

• US First Quarter GDP Revision Preview: The dollar wins
• Follow US GDP live