Still smarting from ECB President Draghi's comments on Thursday that reinvestment had not been discussed and there was no need to change guidance on interest rates, EUR/USD bulls are now looking to U.S. GDP data later today for fresh impetus nL1N1UM1S8.
EUR/USD closed down 85 pips according to prices on EBS, the largest one-day fall since June 27.
EUR/USD was once again repelled by the thick daily cloud, which currently spans the 1.1681-1.1961 region, heightening the risk of a retest of the 1.1575 Fibonacci level, a 76.4 percent of the 1.1508 to 1.1790 (June to July) recovery.
U.S. Q2 GDP data is expected to be 4.1%, according to a Reuters poll.
EUR/USD longs will be hoping for the release to come in below expectations in order to shift the bias back to the upside.
Between 2000 and 2017, U.S. Q2 GDP has been on average 2.5 percent versus a mere 1.2 percent in Q1.