Eurozone flash GDP Overview
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 2.0% inter-quarter in Q2 2021 while on an annualized basis, is also expected to remain unchanged at 13.7%.
How could affect EUR/USD?
EUR/USD is keeping its range near-daily lows of 1.1760 ahead of the Eurozone Employment and GDP data release, mainly weighed down by the risk-off mood-driven the US dollar’s strength.
In terms of technicals, “the recent bounce from the vicinity of YTD lows stalled near a short-term ascending trend-line breakpoint. The mentioned support-turned-resistance, around the 1.1800 mark, should now act as a key pivotal point for short-term traders. A sustained move beyond might trigger a short-covering move and lift the pair further beyond the 1.1830-35 region. On the flip side, the 1.1740-20 region might act as immediate support ahead of the 1.1700 mark. A convincing break below will reaffirm the bearish outlook and prompt some aggressive technical selling. The pair might then accelerate the fall towards intermediate support near the 1.1665-60 region en-route November 2020 lows, around the 1.1600 round figure,” FXStreet’s Analyst Haresh Menghani notes.
Key Notes
EUR/USD: Daily recommendations on major
US Retail Sales Preview: Dollar booster? Low expectations, market mood point to a clear reaction
EUR/USD moves toward 1.1750 ahead of key US, EU data
About Eurozone flash GDP
The Gross Domestic Product released by 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's 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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