Session Recap: USD gets a hit... but ranges prevail

FXStreet (San Francisco) - Complicated day for the USD on Wednesday as economic data showed the US performed its worst quarter in five years in the first three months of 2014.

The EUR/USD rose to test the critical 1.3640 area where the pair found selling interest; then it retraced to close around 1.3630. Currently, EUR/USD is trading at 1.3630, up 0.18% on the day, having posted a daily high at 1.3652 and low at 1.3600.

EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

On the other hand, the GBP/USD declined on the day despite the fact the cable tested 1.7000 area. GBP/USD is now trading at 1.6980, almost flat on the day, having posted a daily high at 1.7006 and low at 1.6952. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

Main headlines in the American session

US: GDP contracted 2.9% YoY in Q1

US: Durable Good Orders (May) fell 1.0%

US June Markit services PMI 61.2 vs 58.0 expected

Wall Street rose after two negative days