Movement of growth that occurred in the last two days we can qualify as a correction of the recent declines. Currency pair found support at 1.1129 while strong resistance level
remains 1,1213-16. (For the record, let me add that these are minimums of 23 and 25 April
. In addition, this level coincides with the 38.2% fibo increases from 0.8231 to 1.6038 level, which at the moment is quite a barrier to demand). This does not mean, however, that demand will not try to move out attack towards resistance 1.1216, which break open the way towards 1.1240 level. However, keeping in mind the data from the US, I do not think that either the party wanted to take the initiative before the hour 14:30. Due to the above signal for the supply or demand, should be read GDP. Summing up for a better reading supply will direct Eurodollar towards recent lows 1.1144 and 1.1129. In contrast, worse reading may be a pretext to develop a stronger correction towards 1.1280.
In the longer term, after completion of the correction, I expect further declines towards the recent lows.