Forex

Overall, EUR/USD is trending upwards. Recently, EUR/USD broke the resistance zone of 1.17700. The German Preliminary GDP q/q data (Actual: -10.1%, Forecast: -9.0%, Previous: -2.2%) released yesterday indicated that economic growth during the second quarter of 2020 is the largest negative growth in the German economy since the beginning of quarterly GDP calculations for Germany in 1970. Also, the eurozone unemployment rate data (Actual: 7.8%, Forecast: 7.7%, Previous: 7.7% revised from 7.4%) released yesterday indicated a slight increase in unemployment in June. The eurozone CPI flash estimate y/y and preliminary flash GDP q/q data will be released later at 1700 (SGT). -CPI Flash Estimate y/y (Forecast: 0.3%, Previous: 0.3%) -Core CPI Flash Estimate y/y (Forecast: 0.8%, Previous: 0.8%) -Preliminary Flash GDP q/q (Forecast: -12.0%, Previous: -3.6% revised from -3.8%) Currently, EUR/USD is moving towards the resistance zone of 1.19200 and the next support zone is at 1.17700. With the recent release of the poor U.S. GDP data, look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.19200.