When is the Eurozone flash GDP and how could it affect the EURUSD pair?
14 August 2019, GKFX – The second reading of the Eurozone second-quarter GDP figures is due later today at 0900 GMT. The consensus amongst traders expects the bloc’s economic growth rate to remain steady at 0.2% inter-quarter in Q2 2019 while on an annualized basis, is also expected to remain unchanged at 1.1%.
Hoe Eurozone flash GDP could affect EURUSD?
On a positive surprise, the EUR bulls could receive the much-needed impetus that may push the EURUSD pair back above the 1.1200 barrier. However, the spot could fall back towards the 1.1150 level should the data disappoint.
In terms of technicals, “EUR/USD is capped by a dense cluster of resistance lines between 1.1184 to 1.1196. This area includes the Bollinger Band 15min-Upper, the Fibonacci 38.2% one-month, the BB 1h-Middle, the Simple Moving Average 200-1h, the Fibonacci 23.6% one-day, the SMA 50-1h, the SMA 10-4h, the SMA 5-1d, the Fibonacci 38.2% one-week, and the Fibonacci 38.2% one-day.
Further resistance awaits at 1.1254 where we see the convergence of the Pivot Point one-day Resistance 2, the previous weekly high, and the Fibonacci 61.8% one-month. Looking down, some support awaits at 1.1161 which is the confluence of the SMA 10-1d, the BB 4h-Lower, the BB 15min-Lower, the SMA 100-4h, and the Fibonacci 61.8% one-week. Further support awaits 1.1138, where we see the Fibonacci 23.6% one-month and the Pivot Point one-day S2 meet up,” FXStreet’s Analyst Yohay Elam notes.
About Eurozone flash GDP
The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
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