European 2Q GDP in sight

The European Commission will report 2Q GDP, expected at -15.0% on year.

EU (2)

Later this morning, the European Commission will report 2Q GDP, expected at -15.0% on year. It stood at -3.1% the previous quarter. Also, June trade balance will be expected at 14.5 billion euros surplus. In France, INSEE will post final readings of July CPI, expected at +0.8% on year.

From a technical point of view, on a daily chart, EUR/USD remains on the upside and is supported by its rising 50-period moving average (in blue). Readers may therefore consider the potential for further rise above strong support and overlap at 1.1490. The nearest threshold would be set at August top at 1.1920 and a second one would be set at strong horizontal resistance at 1.2150 in extension.

Source: TradingView, GAIN Capital


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