GDP in Europe and U.S. Inflation Will Not Immediately Set the Trend for the Euro
Two important pieces of news will be published today: The Eurozone Gross Domestic Product (GDP) and US inflation. So, the EURUSD will definitely cause volatility. GDP figures are preliminary, while inflation should support the US Dollar index until the next piece of important news, such as data on the U.S. labour market, is released. It is impossible to guess the reaction of the market. We may certainly expect high volatility. However, I believe that these figures alone will not lead to a change of monetary policy, as they will not define this policy. It would be better to wait for two or three months of inflation slowdown in the U.S. for the interest rate ceiling to be set. I expect the Euro may remain at the 1.0660 -1.0800 level range until Thursday, before retail sales and housing data in the U.S. is announced. Thus, the priority indication for intraday trading on the hourly chart would be an RSI indicator with a period of 14. You can follow overbought or oversold RSI readings to conduct trading.
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