EURUSD dropped yesterday and closed at 1.3740. The US dollar advanced against its European counterpart after strong US GDP and unemployment claims data. Data released yesterday showed that the annual GDP in the United States rose 2.6 percent in the fourth quarter of 2014. The initial jobless claims in the US dropped to a four-month low level of 311K during the last week.
Earlier today the President of the United States Federal Reserve Bank in Chicago Charles Evans opined that the Fed would probably raise its benchmark interest rate in the second half of 2015.
Support for the EURUSD is seen at 1.3708 and resistance is seen at 1.3806. The HotForex Traders Board shows that 55 percent of the traders are short on the EURUSD.
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EURUSD trading higher in the early US session. German Consumer Prices expected to rise by 1.0 percent in March 2014.
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