- Summary:
- The EUR/USD price is about to have a major breakout ahead of the US Q3 GDP data that will come out later today. FOMC minutes will also come out today
The EUR/USD is tilting higher ahead of a busy market day with loads of data from the United States. Most economic numbers that normally come out on Thursday will come out today because tomorrow is a public holiday. The EURUSD is already up by 0.90% this week and is a few pips below its September high.
FOMC minutes will be the most important economic data released today because they will provide a clear picture of what Fed officials deliberated on in their past meeting.
While the US Q3 GDP data is important, it will probably have no major impact on the EUR/USD. That’s because investors already expect the data to show that the economy soared by more than 30%. However, a big surprise, which is unlikely, will lead to significant volatility on the pair.
The EUR/USD will also react to durable goods data, jobless claims, mortgage applications, new home sales, and personal income numbers.
EUR/USD technical outlook
In my last update, I predicted that the EUR/USD would retest the 1.1800 level. That was wrong as the price resumed its upward trend and retested its previous high. Looking at the four-hour, we see that the price is slightly below the important resistance at 1.1920, which is the highest it has been since November 9. The price remains above the important 25-day moving average.
Therefore, for today, I suspect that the EURUSD will attempt to recapture this month’s high and possibly move to 1.1925. The alternate scenario is where the price retreats slightly and moves back below 1.1900.
EURUSD technical chart
