EUR is supported by strong German GDP

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Earlier today, the German Federal Statistical Office has posted final readings of 3Q GDP at +8.5% on quarter, much above +8.2% expected. Germany's IFO Business Climate Index for November will be expected at 90.3 later today.

From a technical point of view, on a daily chart, EUR/USD still stands above its 50-day moving average (in blue). Readers may therefore consider the potential for further advance above 1.1605. The nearest threshold would be set at September top at 1.2015 and a second one would be set at previous overlap at 1.2150.

Source: TradingView, GAIN Capital


Related tags: EUR Forex Forex

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