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FxPro Forex Analysis: Eurozone GDP 2.7% YoY as Expected Supports EUR

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Today at 10.00am GMT, EU Gross Domestic Product was published in line with the expectations. Eurozone GDP (QoQ) for Q4 came in as expected at 0.6%, from a previous 0.7%. The YoY figure for Q4 also came in as expected at 2.7%, from a previous 2.8%. GDP is the value of all produced goods and services during the quarter. In this case, it shows the GDP growth compared with the previous quarter. This is the most comprehensive indicator of the state of the economy. Growth or acceleration of growth is positive for the country or region’s economy and currency. Additional data released today was the Eurozone Business Climate Indicator (January) which came in at 1.54 vs an estimated 1.68, previously 1.60. Industrial Confidence (January) came in at 8.8 vs an estimate of 8.9, previously 8.8. Services Confidence (January) came in at 16.7 vs an estimate of 18.5, previously 18.00.

Today at 15.30 GMT – Bank of England (BOE) Governor Mark Carney is scheduled to speak at the House of Lords Economic Affairs Committee hearing. His comments could impact volatility in GBP currency crosses including EURGBP and UK Equities.

EURUSD 4-Hour Chart

EURUSD 4-Hour Chart

EURUSD Supported by Rising Trendline

EURUSD 4-Hourly timeframe chart: Price action is supported by a rising trend line at the 1.2254-1.2235 zone. Bullish above targeting upside resistances at 1.2438, followed by 1.2462 and the 1.2490- 1.2547 levels.
Alternatively, a confirmed loss of the 1.2354-1.2335 support zone changes the outlook, targeting additional downside supports at 1.2300, followed by the 1.2275 and 1.2170 levels.

EURGBP Daily Chart

EURGBP Daily Chart

EURGBP Back in the Range?

EURGBP Daily timeframe chart: Price action is back in the long-term sideways range. Initial downside is supported at the 0.8800 level. Bulls appear in control above, targeting the initial upside resistance at the 0.8850 level. A confirmed breakout above could target additional upside resistances at 0.8900 followed by 0.8950.
Alternatively, a confirmed loss of psychological at the 0.8800 (round number) level changes the sentiment, targeting additional downside supports at 0.8715 followed by 0.8700, which is the full 61.8% Fibonacci retracement from the 0.8350 low in April ’17, to the current swing August ’17 high of 0.9260. Additional downside support is pointing to the intraday low of 0.8685



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