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EUR/USD Outlook: Eurozone GDP and Inflation Beat Lowly Expectations

EUR/USD Outlook: Eurozone GDP and Inflation Beat Lowly Expectations

2019-10-31 10:14:00
Nick Cawley, Strategist
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Eurozone GDP and EUR/USD Price, Analysis and Chart:

  • Eurozone inflation and growth nudge higher but remain muted.
  • EUR/USD battles with technical resistance – Will it hold?

Brand New Q4 2019 USD and EUR Forecast and Top Trading Opportunities

EUR/USD Battling its Long-Term Moving Average

The latest set of EZ inflation and growth data will give incoming ECB head Christine Lagarde something to cheer about with both readings beating expectations. Core inflation y/y rose to 1.1% against expectations of 1.0%, while Q3 GDP came in at 0.2% against expectations of 0.1%.

EUR/USD Outlook: Eurozone GDP and Inflation Beat Lowly Expectations

DailyFX Economic Calendar

EUR/USD is now battling the 200-day moving average again after having failed at its first attempt to push through last week. The pair have rallied strongly off short-term support around 1.1072, helped in part by a weaker US dollar. The daily chart shows the formation of an upside-down head and shoulders formation which suggests that a break higher may occur in the near-term. The first upside target is the August 6 high at 1.1250. The CCI indictor is now showing the market as overbought but not at the extreme levels seen in mid-October and early-June.

EURUSD Daily Price Chart (February – October 31, 2019)

EUR/USD Outlook: Eurozone GDP and Inflation Beat Lowly Expectations

IG Client Sentiment shows that traders are 57% net-short EURUSD, a bullish contrarian bias.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the Euro and the US Dollar – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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