EURUSD Down off Negative GDP YoY and QoQ

The strong EUR is starting to show effects on Eurozone GDP. This morning's YoY figures came in at -5.1% with a forecast of -4.3%. QoQ GDP also down at -0.7% with a forecast of 12.7%. Major miss there.

In terms of technicals, we had a strong breakout to the downside clearing out the old level of support. However RSI is beginning to show signs of lack of bearish momentum. My suspicion here is for a test of resistance which was previous old support. Failure to break back above 1.2060 should expose the 1.20 handle for the next downside bearish target.

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Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc.

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