EURUSD chart analysis

During the Asian session, the euro added new gains against the dollar. The second reading of the US GDP on Thursday showed a negative picture of the state of the US economy in the first quarter. Last week, notes from the last Fed meeting showed a milder tone regarding the increase in interest rates, which was reflected in the confirmation of the withdrawal of the American currency. On the other hand, the European Central Bank seriously considering ending the long-standing negative interest rate measure, which further strengthens the euro. The euro is exchanged for 1.07878 dollars, strengthening the euro by 0.33% since the beginning of trading tonight. A summit of EU leaders is being held today and tomorrow. Among other things, they will discuss the introduction of new sanctions against Russia. Looking at the chart, we see that today the euro could climb to the 1.08000 level on the back of a weak dollar. We need a pullback down to the 1.07000 support zone for the bearish option. A break below this zone would increase bearish pressure to sell the euro, and the pair would likely drop to the 1.06500 level. Continuing below this zone, we would probably return to the bearish trend.