The EURUSD fell a little on the better US GDP data but it is not too impressed. The range for the day was extended from a paltry 29 pips to 43 pips. However the price remains above the next support area defined by lows from November 11 and 14 (at 1.2393-977). A breach of this low area will put the pair within shouting distance of the lows for the year at 1.2357-607, but so far, the “will of the sellers” is just not there.
EURUSD cannot extend below the support target
The markets are not all that normal and as the clock ticks closer to the Thanksgiving holiday, the potential is for the markets to not get much better. The GDP is old news but it is still positive news. That should have given a boost to the dollar but it is not. The US weather may also make for more quiet/sloppy action as well, with snowfall on Wednesday and Thursday expected to make a mess for travelers in the northeast. The early exits, might be earlier than normal.
Weather over Thanksgiving not that great in the northeast.
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