EUR/USD tumbles to 1.1180 post-US GDP

The selling interest has picked up pace around the single currency on Friday, with EUR/USD now falling to session lows in the 1.1180 area.

EUR/USD weaker on US data

The pair met extra downside pressure after the second revision of the US GDP figures now expects the economy to expand at an annualized 1.2% vs. 0.9% initially forecasted.

Further US data saw durable goods orders contracting less than expected 0.7% in April, while orders excluding the Transportation sector dropped 0.4%, missing consensus for a 0.4% advance.

Later in the session, the final reading of US consumer sentiment tracked by the Reuters/Michigan index is due, with prior surveys seeing a tad correction to 97.5 from 97.7 for the current month.

EUR/USD levels to watch

At the moment, the pair is losing 0.21% at 1.1187 facing the next down barrier at 1.1167 (low May 24) seconded by 1.1073 (76.4% Fibo of 1.1300-1.0339) and finally 1.1036 (20-day sma). On the flip side, a breakout of 1.1250 (high May 25) would open the door to 1.1267 (2017 high May 23) and then 1.1300 (high Nov.9 2016).