EURUSD on Break from Bearish Slide as Eurozone GDP Matches Estimates

EURUSD has taken a short break from its recent steep bearish decline as Euro zone economic data meets expectations. The pair is currently trading in 1.198 ranges up 0.04% so far. While US dollar continues to remain strong owing to continued positive economic readings in USA, EURO has received the much awaited breathing space during last two trading sessions. So far euro zone has got positive readings in manufacturing PMI’s in overall estimate as well as in major European countries such as German and France.

EURUSD Gets a Small Break

Employment rate has also been in line with predictions which help see euro zone as a relatively stable economic market when last month in concerned. Adding further uptrend momentum to EURO’s breathing space, Euro zone GDP results met expectations in both quarterly & yearly data which has helped EURO to try and recover losses. Going forward during today’s trading session traders are on look out for Core CPI and PPI data for Euro zone which are scheduled to be released later today.

Also investors are on look out for speech from two executive board members of European Central Bank. A better than expected results in inflation data & hawkish comments from ECB board members today could help EURO gain an upper hand against greenback, however if the data remains unchanged like GDP we could see EURO continuing on its current momentum trying to recover losses made early this week.

While US Fed has not been hawkish, the decision to keep interest rates constant and acknowledgement that inflation is near target which supported investor’s view of  possible rate hike in June 2018 and the economic data was mostly positive this week in US which helped greenback remain strong against major global currencies. This is expected to continue through towards the end of the week when the employment data in the form of NFP is expected from the US. Expected price range for the pair’s support and resistance values for remaining trading sessions this week are at 1.1950/1.1915/1.1880 & 1.2030/1.2055/1.2090 respectively.