Euro rises despite downbeat EU GDP data

The Euro accelerated higher on Thursday, advancing 0.65% until early US session, lifted by weaker dollar on US rate outlook uncertainty, ignoring downbeat EU Q1 GDP data, which indicate that economy is recession.

Fresh bulls cracked initial resistances at 1.0769/79 zone (20DMA / June 2 high, also the top of recent consolidation range), break of which would generate initial reversal signal, although the downside is to remain vulnerable while the price action stays below key resistances at 1.0805/10 (base of thick daily cloud / Fibo 38.2% 1.1091/1.0635).

Daily close above broken Fibo 23.6% barrier at 1.0742 is seen as minimum requirement to keep fresh bulls in play.

Res: 1.0779; 1.0810; 1.0839; 1.0863
Sup: 1.0742; 1.0714; 1.0700; 1.0667