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Eurozone GDP Falls Short of Expectations, EUR/USD at Bottom of Wedge Support

Eurozone GDP Falls Short of Expectations, EUR/USD at Bottom of Wedge Support

David Maycotte,

Talking Points:

Eurozone GDP grew at a seasonally annualized of 0.9 percent, and missing estimates calling for a print of 1.1 percent. On a quarterly basis, the Eurozone economy grew 0.2 percent, missing analysts’ expectation of 0.4 percent. Recent news-flow for the Eurozone economy has increasingly disappointed as data from Citigroup reveals that realized results have trailed analysts’ estimates by the largest margin in over 11 months.

Price stability is the primary objective for the ECB and the disappointing rate of output growth may encourage an expansion of stimulus efforts. Stubborn deflation has plagued policy officials that the ECB announced the possibility of intervention in June.

The rate was little-changed following the release and a wedge bottom pattern marks support for EUR/USD.

EUR/USD Daily Chart from EUR/USD Technical Analysis – Wedge Bottom Marks Support

Eurozone GDP Falls Short of Expectations, EUR/USD at Bottom of Wedge Support

Daily Chart Prepared by Ilya Spivak using FXCMMarketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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