Key Highlights
Euro after trading near 1.1500 against the US Dollar found sellers for a short term correction.
The EURUSD pair traded towards the 200 hourly simple moving average where it found support.
Chinese Gross Domestic Product (GDP) released by the National Bureau of Statistics of China posted an increase of 6.9% in Q3, which was a bit lower when compared with the last gain of 7%.
EURUSD Technical Analysis
As mentioned there was a downside move in the EURUSD pair, which took the pair towards the 200 hourly simple moving average. The downside was stalled around the stated MA, as buyers appeared around it to defend the downside.
Currently, there is a triangle pattern formed on the hourly chart, which holds a lot of importance. The 100 hourly SMA is on the upside, and the 200 hourly SMA is on the downside. So, a break and close above/below might be very critical and ignite a solid move in the near term.
There is one bearish sign on the hourly chart, as the RSI is below the 50 level suggesting that buyers are struggling to gain control.
Chinese GDP
Earlier during the Asian session, there was an important release lined up in China. The Chinese Gross Domestic Product (GDP) that studies the gross value of all goods and services produced by China was reported by the National Bureau of Statistics of China. The outcome was mixed as the yearly change GDP was 6.9% in the third quarter of 2015, compared with the same quarter a year ago in which it rose by 7%.
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