EUR/USD facing some resistance near 1.25 handle, US GDP eyed

   •  Struggles to build on early up-move despite renewed USD weakness.
   •  Important US macro data should now provide fresh impetus. 

The EUR/USD pair faded a bullish spike to the 1.2500 neighborhood and quickly retreated around 30-40 pips over the past hour or so. 

Against the backdrop of some renewed US Dollar weakness, the shared currency got an additional boost after the SPD leader Martin Schulz's comment on German coalition, saying that EU needs a strong pro-European Germany in face of challenges from Trump's US and China. 

Bulls, however, failed to capitalize on early up-move and the latest leg of sharp retracement, from closer to an important psychological mark, could be attributed to some chart-driven weakness amid near-term overbought conditions. 

In absence of any major moving economic releases from the Euro-zone, traders will now take cues from today's important US macro data - advance Q4 GDP growth figures and durable goods orders, for some fresh impetus.

Technical levels to watch

A follow-through retracement below 1.2430 level is likely to accelerate the fall back towards the 1.2400 handle, below which the pair is likely to head back towards retesting previous session's swing low support near the 1.2375-70 region.

On the upside, sustained move back above the 1.2500 handle could assist the pair to make a fresh attempt towards clearing an intermediate hurdle near mid-1.2500s before eventually darting towards the 1.2600 round figure mark.