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The third estimate of GDP for the third quarter released by the European statistics agency Eurostat yesterday showed that the European economy expanded by 2.3% year-on-year and 0.3% on a quarterly basis. Notably, the preliminary quarterly GDP estimate assumed an increase of 2.1% and 0.2% in annual and quarterly terms respectively.
In the second quarter of 2022, GDP rose at an annual rate of 4.2% and by 0.8% quarter-on-quarter.
An upward revision of GDP data supported the euro.
The euro/dollar pair fell below the level of 1.0500 but then turned up again. As a result, the volume of long positions surged, which allowed the price to rise above the level of 1.0500.
The pound/dollar pair got out the sideways range by gaining upside momentum. The price bounced off the level of 1.2150 and settled above 1.2200, which suggested an increase in the volume of long pound positions.
Today's macroeconomic calendar includes data on weekly jobless claims in the United States. Economists predict a decline in their total volume. This is a positive factor for the US labor market provided that the indicator meets analysts' forecasts.
US continuing jobless claims are expected to decline to 1.575 million from 1.608 million.
US initial jobless claims are forecast to increase to 230,000 from 225,000.
Time targeting
US Jobless Claims - 4:30 PM (GMT+3)
In this situation, it is worth focusing on the following levels: 1.0550 (yesterday's high) and 1.1430 (variable support). If the price consolidates above 1.0550 or fixes below 1.1430 on the four-hour chart, it will be possible to determine a further price direction. Until then, the pair is likely to drift sideways near the indicated levels.
If the price stays firm above 1.2200, it may gain strong upside momentum. In this case, the quote is expected to head for the high of the ascending cycle, that is, the level of 1.2343. Otherwise, it may start moving sideways along the level of 1.2150, which will indicate investor uncertainty.
The candlestick chart shows graphical white and black rectangles with lines from above and below. While conducting a detailed analysis of each individual candlestick, one can notice its features intrinsic to a particular time frame: the opening price, the closing price, as well as the highest and lowest prices;
Horizontal levels are price levels, at which the price may stop or reverse. They are called support and resistance levels;
Circles and rectangles are highlighted examples where the price reversed in the course of its history. This color highlighting indicates horizontal lines, which can exert pressure on the quote in the future;
Up/down arrows signal a possible future price direction.
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