GDP disappoints

The cards fell and the GDP came out weaker than expectations.

The EURUSD has spiked higher and has just triggered stops above the topside trend line on the hourly chart at the 1.1059 level. This level will be watched now to see if the rally has gone too far or are the buyers really excited. Watch that level.

On the topside , the next target target does not come in until the January low at 1.1097. Above that and we are looking toward the 1.1114 level.

On the downside. the close support comes in at the 1.1051-59 area. This was the high from March 26 and the topside trend line on the hourly chart. The 1.1028-38 is the 38.2-50% of the move up. The 1.1035 was prior highs from market came in April 6. A move below the 1.1035 would likely spell trouble for the downside and signal profit takers/traders looking more ahead than behind economically.