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Almost from the very morning, the single European currency began to gradually rise. However, this growth did not stop throughout the day. Even when the final data on the GDP of the United States was already published during the US session. By the way, they fully corresponded to preliminary estimates. The pace of economic growth in the third quarter slowed from 12.2% to 4.9%. Given that investors have long taken this fact into account, the GDP data could not affect the market in any way.
Change in GDP (United States):
However, in fact nothing has changed. After all, the euro has simply risen to the upper limit of a fairly wide range, in which it has been since the very beginning of December. In other words, all these movements are rather technical in nature, while ignoring any macroeconomic statistics. And if this statement is true, then today we should observe the reverse movement. That is, the dollar will grow. Moreover, the growth may be quite large-scale. Moreover, the formal reason for this will be directly related to US macroeconomic statistics. In particular, data on applications for unemployment benefits. And although the number of initial applications should increase by 1,000, the number of repeated applications is likely to decrease by 63,000. So the situation on the labor market continues to improve. In addition, the volume of orders for durable goods may grow by 1.1%, which looks very, very good. Moreover, these are monthly changes. In general, the expectations according to US statistics are purely optimistic, which will be an excellent background for the growth of the dollar.
Durable Goods Orders (United States):
After a slight stagnation, the EURUSD pair showed activity again, as a result of which an intense upward move occurred, which returned the quote to the upper flat line of 1.1225/1.1355.
In the four-hour period, the RSI technical instrument crossed the 50 line from the bottom up, but the overbought zone was not affected.
The downward trend persists on the daily chart. A flat appeared in its structure, which slowed down the bears.
Expectations and prospects.
The price movement within the horizontal channel is still relevant in the market, thus it is impossible to exclude the repetition of the regular main past associated with the tactics of rebounding from the set boundaries. In this case, a reverse movement in the direction of the value of 1.1290 may well occur.
Comprehensive indicator analysis has a residual buy signal based on short-term and intraday periods due to the recent price spike. Technical indicators in the medium term indicate a downward trend, signaling a sell.
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