EURUSD raises after forming a new low for the month on Friday as the US GDP came out with stronger than expected news release with 3.2% annually. In the early Asian session ,EURUSD already dropped 0.10% after the poor release for the eurozone today. However, a more significant downward driver may come from US data. The world’s largest economy releases the Fed’s preferred measure of inflation, the Core PCE Price Index which is not expected to shine.

Weekly time frame showing the pair currently trading in the mid way of the channel which is been unbroken since January 2019. The pair crossed below 1.12000 last week forming new lower lows near 1.11100. The data is not significant enough to trigger substantial moves, but it is set to serve as a reminder that the US economy is outperforming the European one.

In the Hourly Time Frame, as of writing the pair is currently trading near 1.11500 for the third touch in the hourly trendline which may fall breaking the trendline reaching June 2017 at 1.11000.While today’s calendar is light, a busy week awaits for the release of Euro-zone GDP, EZ inflation, the Fed decision, and the Non-Farm Payrolls.In the other scenario, if bulls find support near 1.1150 it may raise up bouncing for the third time targeting the last high and further above forming new highs.