EUR/USD: Potential Rally Ahead of US Growth and Inflation Data

Ahead of this week's growth and inflation data releases in the US, we've observed a roughly 90-pip rally in the EUR/USD pair following a correction from the weekly gap level in the dollar index. The pair rebounded from support levels around 1.06-1.0610, with the initial resistance likely at 1.0730. Depending on upcoming news flow and economic data, a strong break above 1.0730 could push the pair toward the 200-day simple moving average level at 1.0810. On the downside, the level to maintain for the continuation of the upward movement is the previously tested resistance at 1.0670.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0870	1.0810	1.0730	1.0670	1.0600	1.0560