Forex: EUR/USD extends rally to 1.3270, US GDP
FXstreet.com (Barcelona) – As the American session opens and US GDP data is released, the EUR/USD rallied further after consolidating at 1.3225/30.
The annualized GDP in the first quarter of 2012 points to 2.2% growth, below 2.5% consensus and the 3% of last year. The purchase price index has also risen lower than expected (1.5% vs 2.3%) in Q1. The quarterly change in real personal consumption expenditures in the US was a rise of 2.1% in Q1, as expected by analysts.
The most recent risk rally peaked at 1.3270, extending its 3-week highs, and is now quoting around 1.3255. Mataf.net analysts point to resistances at 1.3245, 1.3265 and 1.3370. On the downside, supports might be found at 1.3170, 1.3120 and 1.3065.