EUR / USD tries to rally while waiting for Eurozone GDP
The price of EUR / USD (euro / dollar) is trying to recover after returning to test its psychological support at 1.18 yesterday following better than expected figures on unemployment in the United States. Initial jobless claims fell more than expected, by 228,000, to 963,000 last week, the first time under one million since March.
The second estimate of the euro zone’s GDP is now eagerly awaited this morning. Expected at 11:00 am, the euro could materialize its rebound if gross domestic production is revised upwards. In the first estimate, Eurostat estimated second quarter GDP to be 12.1% lower compared to the first quarter.
Later today, traders will have their eyes on the US Retail Sales and Industrial Production publications at 2:30 p.m. and 3:15 p.m. respectively. Higher than expected readings would benefit the dollar and therefore have a bearish impact on the EUR / USD pair.
EUR / USD Hourly Chart – Key Levels
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![Coronavirus, the new cases of Reggio Calabria are all asymptomatic: 58 positive in home isolation throughout the Province, 391 in preventive quarantine [DETTAGLI]](https://i0.wp.com/www.strettoweb.com//srv/htdocs/wp-content/uploads/2020/07/reggio-calabria-dallalto.jpg?resize=150%2C150 "Coronavirus, the new cases of Reggio Calabria are all asymptomatic: 58 positive in home isolation throughout the Province, 391 in preventive quarantine [DETTAGLI]")