US Preliminary GDP is a measurement of the production and growth of the economy. Analysts consider GDP one the most important indicators of economic activity, and publication of Preliminary GDP could have a significant impact on the movement of EUR/USD. A reading which is better than the market forecast is bullish for the dollar. Update: US GDP revised to 2.1% Here are all the details, and 5 possible outcomes for EUR/USD. Published on Tuesday at 13:30 GMT. Indicator Background GDP reports are released quarterly, and provides an excellent indication of the health and direction of the economy in the past quarter. Traders should pay particular attention to this economic indicator and treat it as a market-mover. Advance GDP for Q3 posted a gain of 1.5% for Q3, very close to the estimate of 1.6%. The upcoming Preliminary GDP for Q3 is expected to be stronger, with an estimate of 2.0%. Sentiments and levels Recent comments from the Federal Reserve and the ECB have reaffirmed monetary policy divergence, which could result in drops for the shaky euro. This week’s data, especially from Germany, could add fuel to the fire. So, the overall sentiment is bearish on EUR/USD towards this release. Technical levels, from top to bottom: 1.0790, 1.0710, 1.0630, 1.0530 and 1.0460. 5 Scenarios Within expectations: 1.7% to 2.3%. In such a scenario, the EUR/USD is likely to rise within range, with a small chance of breaking higher. Above expectations: 2.4% to 2.7%: An unexpected higher reading can send the pair below one support line. Well above expectations: Above 2.8%: Such an outcome could push EUR/USD downwards, and a second support line might break as a result. Below expectations: 1.4% to 1.8%: A lower GDP figure than predicted could push the pair higher and break one level of resistance. Well below expectations: Below 1.4%. In this scenario, the EUR/USD could move higher and break above a second resistance line. For more on the euro, see the EUR/USD forecast Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Opinions share Read Next Between Terror and Thanksgiving – MM #77 Yohay Elam 7 years US Preliminary GDP is a measurement of the production and growth of the economy. Analysts consider GDP one the most important indicators of economic activity, and publication of Preliminary GDP could have a significant impact on the movement of EUR/USD. A reading which is better than the market forecast is bullish for the dollar. Update: US GDP revised to 2.1% Here are all the details, and 5 possible outcomes for EUR/USD. Published on Tuesday at 13:30 GMT. Indicator Background GDP reports are released quarterly, and provides an excellent indication of the health and direction of the economy in the past… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
