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EURUSD Needs a Bullish EU Summit, Chinese GDP to Rally Through 1.3200

EURUSD Needs a Bullish EU Summit, Chinese GDP to Rally Through 1.3200

John Kicklighter, Chief Strategist

The EURUSD extended its climb Wednesday to overtake its October high and clear 1.3100. Both intrinsic fundamentals and risk trends have played a part in driving the pair higher, but the requirements for commitment increase with each advance. For risk trends, we find US equities have slowed as the indexes near their respective four-year highs. Risk watchers are keeping an eye on the reaction to Chinese GDP this morning to see if sentiment can be stirred one way or the other to greater levels of conviction. The more dubious aspect of the Euro's climb is the collective expectation for its own fundamental health. Can the EU Summit really deliver enough progress to justify the currency's climb? We discuss these considerations and more in today's video.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.