Technical Analysis: EURUSD tops 11-day high with eyes on US GDP
With the US 10-year Treasury yields declining to fresh record lows, amid coronavirus fears, the US dollar registers across the board weakness during early Thursday. Traders await the key US GDP, Durable Goods Orders as well as the US coronavirus task force meeting, up at 19:30 GMT, for fresh impulse. Technically, the pair stays positive around 11-day high with a 38.2% Fibonacci retracement level of 1.0955 acting as the immediate resistance. However, a confluence of 200-bar SMA and a descending trend line since December 31, 2019, around 1.0980, will be the key upside barrier to watch. In a case EURUSD prices manage to cross 1.0980, 61.8% Fibonacci retracement level of 1.1060 will be in focus.
On the contrary, a week-long rising support line near 1.0860 can offer the immediate rest during the pair's pullback moves, disrespecting which could trigger fresh declines to 1.0820/15 rest-zone. During the quote's additional weakness past-1.0815, 1.0777 holds the key to the April 2017 bottom surrounding 1.0570.