EUR/USD stabilized near 1.0950 after a two-day winning streak was snapped on Wednesday. The pair lacked a clear directional bias in the near-term technical outlook. Investors are awaiting US economic data releases, including Q3 GDP revisions and weekly Initial Jobless Claims.
The US Dollar Index benefited from a negative shift in risk sentiment, closing slightly higher on Wednesday. US stock index futures indicate a positive market mood on Thursday. The US Bureau of Economic Analysis is expected to release the final revision to Q3 GDP, with the US economy forecasted to expand at an annual rate of 5.2%.
A downward revision may weigh on the USD. Weekly Initial Jobless Claims data will also be closely watched, with a reading close to 200K potentially supporting the USD. On the downside, key support levels for EUR/USD include 1.0900, 1.0870, and 1.0850. Resistance levels are noted at 1.0970, 1.1000, and 1.1050. The Relative Strength Index (RSI) on the 4-hour chart declined toward 50, indicating a loss of bullish momentum.
