EUR/USD continues trading with a bearish pressure in the Tuesday session. Currently, the pair is trading at 1.1372, but it was down 0.23% on the day. On the release front, the economy in the eurozone continues to worry policymakers. Economic performance has softened in the third quarter, as Preliminary Flash GDP dipped to 0.2%, down from a 0.4% gain in the second quarter. On an annualized basis, Q3 growth was 1.7%, down from 2.2% in the second quarter. The reason for this slowdown can be attributed to the crisis over the Italian budget, which was rejected by the European Commission since it breached EU regulations over debt limits.
Furthermore, the economic calendar showed more data for the eurozone: the EUR German Unemployment Change in October at -11,000 vs -12,000 reading, the EUR German Unemployment Claims Rate in October at 5.1% vs 5.1% reading, and the EUR Italian Gross Domestic Product (YoY) (3Q P) at 0.8% vs 1.0%.
From a technical perspective, the EUR/USD pair is expected to trade between 1.1300 and 1.1425 in the next hours.