The Single currency finds support after the steep drop following last week's economic issues related to Turkey. Investors have currently shifted their attention towards the series of economic data set to be released today while also awaiting any update related to the economic issues faced in Turkey. The Eurozone GDP figure is set to be released later during the day with consensus set at 2.1% year on year growth. Earlier this morning, the German GDP figure disappointed by printing at 2.3% compared to the expected 2.5%, indicating that the Eurozone's GDP might also disappoint. Another important figure set to be released is the ZEW economic sentiment and this indicator has not only been printing at negative territories but has also printed lower than expected in four of the last five months. With the past trend of weak economic data releases, investors are more likely to be skeptical of today's releases.
The Euro bounced off the 1.13432 support level and rose towards the 13-period moving average. Depending on the economic data releases today, the pair will either break above the moving average or reject the level and drop back towards the 1.13432 support level.
Support: 1.13957 1.13432
Resistance: 1.14319 1.14319