Waiting for final readings of European 1Q GDP

Multiple Euro bank notes in 20€, 50€ and 100€
This morning, the German Federal Statistical Office posted April trade balance below the expectations at only 3.2 billion euros surplus (vs 11.6 billion euros surplus expected). Later this morning, the European Commission will report final readings of 1Q GDP (-3.2% on year expected).

From a technical point of view, on an daily chart, EUR/USD has broken above the upper boundary of a triangle pattern and stands above its 50-day moving average (in blue). Readers may therefore consider the potential for further rise above support at 1.1000. The nearest threshold would be set at horizontal resistance at 1.1440 and a second one would be set at set at yearly top at 1.1495 in extension.

Source: TradingView, GAIN Capital


Related tags: EUR Forex Forex

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