Euro Trading Inside Weekly Retracement Zone

The EUR USD’s initial reaction to the better than expected U.S. GDP report this morning was to the upside. 

Intra-Day Analysis

EUR USD

The EUR USD’s initial reaction to the better than expected U.S. GDP report this morning was to the upside. 

Currently this currency pair is trading inside of a retracement zone at 1.4155 to 1.4190.  Weakness will develop if this market falls back below the lower end of this range at 1.4155.  The likely catalyst will be extreme weakness in the U.S. equities.

Sellers may surface in front of the upper end of the retracement zone at 1.4190.  This price is also in front of last week’s close at 1.4205.  Bears will try to defend the Dollar at last week’s Euro close in order to try to produce a weekly closing price reversal by the end of the day.