EUR/USD Surges on Upbeat Eurozone Data
The Eurozone GDP data for the third quarter came in better than anticipated, while German inflation figures also surprised to the upside. These positive economic indicators have reduced expectations for further aggressive rate cuts by the European Central Bank (ECB).
Key Factors:
- Eurozone Economic Data: The stronger-than-expected Eurozone GDP data and German inflation figures have boosted the Euro.
- ECB Rate Cut Expectations: Reduced expectations for a significant ECB rate cut have supported the Euro.
- US Economic Data: Upcoming US economic data releases, such as the Nonfarm Payrolls report, will be closely watched for their impact on the US Dollar.
Technical Analysis:
- Upward Trend: The EUR/USD pair is in an upward trend, with potential for further gains.
- Resistance Levels: The 1.0900 and 1.1000 levels are key resistance levels.
- Support Levels: The 1.0750 level is a potential support level.