EUR/USD bounces from lows but lacks follow-through

EUR/USD bounced from session lows and climbed to fresh daily highs in the 1.1250 area, as investors shrugged off upbeat US GDP reading and hawkish-ish comments from fed’s Lockhart.

EUR/USD bottomed out at 1.1196 after data showed US economy grew at a modestly faster pace in Q2 than previously estimated, but the dollar lost momentum afterwards. EUR/USD jumped to a peak of 1.1249 but lacked follow-through to the upside as well. 

A story from Bloomberg suggesting Deutsche Bank clients have withdrawn excess cash helped to limit the upside.

Earlier on the day, German published CPI numbers, which came in slightly above expectations. On the other side of the Atlantic, besides GDP figures, pending home sales disappointed and Lockhart comments failed to boost the greenback.

EUR/USD technical levels

At time of writing, the pair is trading at 1.1225, still a few pips above its opening price. In terms of technical levels, immediate supports are seen at 1.1183/87 (100-day SMA/50-day SMA), 1.1158 (200-day SMA) and 1.1122 (Aug 31 & Sep 21 low). On the flip side, resistances could be faced at 1.1235 (Sep 28 high), 1.1258 (Sep 27 high), 1.1283 (Sep 15 high), 1.1326 (Sep 8 high) and 1.1365 (Aug 18 high).