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Uncle Sam’s second GDP reading is up today!

Will the release help bust EUR/USD out of a Double Bottom pattern ahead of Powell’s Jackson Hole speech?

Before moving on, ICYMI, yesterday’s watchlist looked at EUR/NZD breaking and retesting a Double Top neckline ahead of New Zealand’s retail sales release. Be sure to check out if it’s still a valid play!

And now for the headlines that rocked the markets in the last trading sessions:

Fresh Market Headlines & Economic Data:

US durable goods orders were unchanged in July, but details stronger

US pending home sales drop 1% in July, tumbling to the lowest level since 2020

EIA: U.S. crude, fuel stockpiles shrink while gasoline demand drops

New Zealand retail sales dropped by 2.3% in Q2, raising technical recession risks

Reuters: China regulator warns banks against yuan selling

South Korea raises rates by 25 bps, warns inflation fight not over

Asian markets gain, investors anxious for U.S. rate hike clues

Dollar eases from the near two-decade peak as Jackson Hole looms

German IfO business climate index eases to 88.5 in August vs. 86.8 expected

The crypto market continues to consolidate.

Upcoming Potential Catalysts on the Forex Economic Calendar:

UK CBI realized sales at 10:00 am GMT
US second GDP reading at 12:30 pm GMT
US initial jobless claims at 12:30 pm GMT
RBNZ Gov. Orr to give a Jackson Hole speech at 10:30 pm GMT

Use our new Currency Heat Map to quickly see a visual overview of the forex market’s price action! 🔥 🗺️

What to Watch: EUR/USD

EUR/USD 4-hour Forex Chart

EUR/USD 4-hour Forex Chart

EUR/USD found a bottom after it bounced from the .9900 psychological handle not once but twice this week.

Can EUR bulls maintain their momentum?

The pair is now struggling to trade above parity.

And why not? Aside from the big 1.0000 figure, the area also lines up with July’s lows and serves as the Double Bottom “neckline” on the 4-hour chart.

Let’s see if Uncle Sam’s second GDP reading can shake things up for EUR/USD. Markets expect some upside revision from the -0.9% initial reading.

Slight revisions probably won’t affect the Fed’s tightening schedule but a much better than expected GDP revision would generally support the Fed’s hawkish plans.

It could drag risk assets like EUR and pull EUR/USD back to its weekly lows.

Downside revisions, on the other hand, could help “dovish pivot” speculations and weigh on USD across the board.

Another anti-dollar trading session can push EUR/USD safely above parity and maybe inspire bulls to retest areas of interest like 1.0100 or 1.0175.