EURUSD Forecast: GDP Data and Technical Levels to Watch

The EURUSD bearish momentum was paused yesterday. On h4 chart below we can see that after breakdown from the broadening formation price retreat to the upside but still able to stay outside the broadening formation so far. Technically speaking, a retreat or a pullback after breakout/breakdown is normal and often happen in the market and as long price stay outside the formation, the bearish scenario remains intact.

We have US GDP data today that should be a very important data. A worse than expected GDP should be good for the Greenback and we should see further Euro weakness towards 1.3870 while a better data could cancel the bearish outlook and probably trigger significant strength for the Euro re-testing 1.4336 once again. Good luck