Forex: EUR/USD tests 1.2400 after Italy GDP
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EUR/USD
FXstreet.com (Barcelona) - The European opening rally to 1.2433 high (from 1.2376 low) defined the current daily range of the EURUSD. The pair has been easing from the high as the European session goes by, having seen released the declining industrial output in Italy (monthly drop of -1.4% (previous +0.8%) in July and annualized drop from -6.7% (previous 6-9%) to -8.2% in June).
The National Institute of Statistics just released the Italian GDP for Q2, stating wider contraction to -0.7% (QoQ) and 2-5% (YoY). A worse scenario than market consensus' -0.6% and -2.3%, respectively.
The EURUSD is currently testing the 1.2400 psychological level for support. : "Price action is expected to remain neutral unless a moment is build in above 1.2420 to open 1.2505 first zone", wrote Slobodan Drvenica, pointing to targets at 1.2555 and 1.2625, while failure at 1.2330 should push lower to 1.2290.
The National Institute of Statistics just released the Italian GDP for Q2, stating wider contraction to -0.7% (QoQ) and 2-5% (YoY). A worse scenario than market consensus' -0.6% and -2.3%, respectively.
The EURUSD is currently testing the 1.2400 psychological level for support. : "Price action is expected to remain neutral unless a moment is build in above 1.2420 to open 1.2505 first zone", wrote Slobodan Drvenica, pointing to targets at 1.2555 and 1.2625, while failure at 1.2330 should push lower to 1.2290.
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