EUR/USD depressed near 1.1650 post-US GDP

• The pair remains on the defensive on Wednesday near 1.1650.
• The greenback flirts with daily highs in the 94.90 area.
• US Q2 GDP came in above estimates at 4.2%.

The offered tone around the single currency remains well and sound in the middle of the week, forcing EUR/USD to recede nearly a cent since yesterday’s tops beyond 1.1730.

EUR/USD offered on USD-buying, US GDP

The pair prolongs the knee jerk to the mid-1.1600s today amidst a renewed buying interest around the greenback and auspicious results from the US docket.

In fact, another revision of the US GDP showed the economy is expected to expand at an annualized 4.2% during the April-June period, surpassing the previous estimate (4.1%) and initial forecasts (4.0%). The data gave extra oxygen to the already upbeat mood around the buck, dragging spot lower.

Moving forward, the next risk event in Euroland will be the release of advanced inflation figures for the month of August, due on Friday.

EUR/USD levels to watch

At the moment, the pair is losing 0.28% at 1.1663 facing the next support at 1.1614 (55-day SMA) seconded by 1.1568 (10-day SMA) and finally 1.1530 (low Aug.23). On the flip side, a break above 1.1734 (high Aug.28) would target 1.1745 (high Jul.31) en route to 1.1792 (high Jul.9).