When is the Eurozone flash GDP and how could it affect EUR/USD?

Eurozone flash GDP Overview

The second reading of the Eurozone first-quarter GDP figures is due later today at 0900 GMT. The consensus amongst traders expects the bloc’s economic growth rate to remain steady at 0.4% inter-quarter in Q1 2019 while on an annualized basis, is also expected to remain unchanged at 1.2%.

 How could affect EUR/USD?

On a positive surprise, the EUR bulls could receive the much-needed impetus that may push the EUR/USD pair back towards the 1.1250 barrier. However, the spot could extend the retreat and test the 1.1176 (March 7 low) should the data disappoint.    

In terms of technicals, “Euro/dollar faces stiff resistance at 1.1219 which is a dense cluster of lines including the Simple Moving Average 5-1d, the SMA 100-15m, the Fibonacci 38.2% one-day, the Fibonacci 38.2% one-week, the SMA 10-4h, the SMA 100-1h, and more. If it breaks higher, it faces many caps on its way up and the potential upside target is 1.1330 where the Pivot Point one-month Resistance 1, the previous monthly high, and the SMA 100-1d converge. Looking down, support awaits at 1.1166 which is the confluence of the Fibonacci 23.6% one-month, previous weekly low, and the PP 1d-S2,” FXStreet’s Analyst Yohay Elam notes.

Key Notes

EUR/USD Remains Indecisive via Triangle Chart Pattern

EUR/USD recedes from tops, targets 1.1200 post-German GDP

German prelim GDP arrives at +0.4% in Q1, matches expectations (EUR unfazed)

About Eurozone flash GDP

The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).