Markets  |  February 14, 2013 10:50:00

The end of the growing trend in EUR / USD?

Euro area GDP in the last quarter of 2012 continued the poor results of the largest economies in the single currency bloc 17členného (Germany -0.6 percent, -0.3 percent, France and Italy, -0.9 percent) and mezikvartálním measurements fell by 0.6 percent. The economy remains in recession. Economists had expected a smaller decline of 0.4 percent. EU GDP fell by 0.5 percent.

Compared to the fourth quarter of 2012, with the last quarter of 2011 (yoy comparison), GDP in the euro area fell by as much as 0.9 percent in the EU by 0.6 percent. Eurostat said that the year 2012 was the first calendar year after the start of data collection in 1995, when the eurozone had not seen one quarter of economic growth. Detailed report from Eurostat in English can be found here .

Eurodollars from yesterday forfeited and the common European currency today deepens their losses after bad news about GDP. On the daily chart is quickly approaching the growing trend line and important Fibonacci levels of 38.2 Reviews Support. This could be the last brake for short-term bearish trend. In addition, all indications are that underlined the creative formation of reverse head and shoulders we can expect to decrease to values ??around 1.30.

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