Eurozone data
- GDP (q/q), fact 0.4%, forecast 0.3.
- Unemployment (mar), fact 7.7%, forecast 7.8%
Preliminary data on GDP and employment in the Eurozone exceeded market expectations and showed very optimistic data. Thus, the unemployment rate in the eurozone has fallen to its lowest level in the last ten years. Preliminary data on eurozone GDP showed an increase to the average annual value. Against the backdrop of waiting for real statistics, this may indicate a slowdown in recession in Europe.
Fig. 1. Eurozone GDP chart (Q)
The euro on this statistic has accelerated its growth, putting an additional pressure on the US dollar. But the growth of the EUR/USD pair is likely to be limited by the pair’s overbought and the resistance zone of 1.1230-40. After this, a moderate correction and flat formation is expected.
Fig. 2. EUR/USD chart. The current price is 1.1210
Read also: “Equidistant Channel” – Trading Strategy ”
Hanzenko Anton
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