French GDP drop

France flag
This morning, French Q2 GDP was released at -13.8%, an historic fall but better than -15.2% expected. On a yearly basis, the fall stands at 19.0%, vs -20.0% expected. July inflation rate will be published later today, expected at -0.1% on month.

From a technical point of view, on a daily chart, EUR/USD remains on the upside and is supported by its rising 50-period moving average (in blue). Readers may therefore consider the potential for further rise above support at 1.1655. The nearest threshold would be set at strong horizontal resistance at 1.2100 and a second one would be set at 1.2300 in extension.

Source: TradingView, GAIN Capital

Related tags: EUR Forex Forex

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