EUR/USD retreats, still trading near 3-year highs
Eurozone GDP, German CPI to set tone during London session
EUR/USD is trading lower in Asia, testing $1.2369 as of writing, after trading up pre-Tokyo to touch $1.2388.
Preliminary 4th quarter GDP figures for the Eurozone are due at 10 am GMT, with analysts forecasting results similar to previous reporting, with 0.6% growth over the previous quarter and a 2.6% increase over the same period last year. After EU GDP, preliminary CPI for Germany is scheduled at 1 pm, with consensus forecast calling for a 1.6% increase over the previous annual period.
EUR/USD remains underneath its recent highs as the US Dollar finds its footing again following a continued slump, spurred on recently by bearish remarks from Treasury Secretary Steven Mnuchin. Despite the Euro giving up ground to the Greenback this week, EUR/USD is still on track following a year of gains against its quote currency.
Price is currently trading around the pivot point for the day at $1.2375, with S1/R1 at $1.2314 and $1.2412, respectively; continued bearish developments in EUR/USD will see price challenging support at $1.2295, and the nearest major resistance sits at the $1.2500 major psychological handle