EUR/USD: Euro Rise Toward $1.0850 Cut Off by 200-Day SMA. US GDP Data Looms.

Currency pair is entering an eventful 2-day time span with major economic data coming out of the US. Meanwhile, technical plays pop up.

• 200-day SMA in the way of euro’s rise.
• GDP data on deck for release today.
• PCE report coming hot Friday.
• The EURUSD pair reversed course on Wednesday and early Thursday after the euro’s attempt to overtake a key resistance level was thwarted by dollar bulls. The 200-day moving average—a crucial long-term gauge of trend—was revisited at the $1.0830 handle, followed by a drop for the euro-dollar to levels near $1.0800.
• Over the past few days, the European currency has been unable to break through the technical barrier while greenback supporters have piled their long bets. Besides the 200-day line, the 50-day and the 100-day moving averages are sitting nearby and waiting for the euro to challenge them. And with that, let’s unpack an eventful two-day time span.
• Later today, the US gross domestic product for the fourth quarter will be released. Analysts project an expansion of 3.2% on a quarterly basis, down from 4.9%. On Friday, when US stock exchanges and European bourses will be closed for Good Friday, the US Commerce Department will release its March PCE report. The gauge, measuring inflation without food and energy prices, is the Federal Reserve’s favorite price tracker.