16 November 2020, EUR/USD
EURUSD trading plan:
The European Union's statistics office Eurostat said the economic output of the 19 countries sharing the euro surged 12.6% quarter-on-quarter in the July-September period, a downward revision from the 12.7% jump reported on Oct 30. This meant that year-on-year, euro zone GDP was 4.4% lower in the third quarter, rather than 4.3% reported before. The rebound in economic activity corresponded with a 0.9% quarter-on-quarter increase in employment, Eurostat said, though year-on-year employment was still 2% lower in July-September. The single currency area also had a slightly higher than expected external trade surplus of 24.5 billion euro in September, Eurostat said, against expectations of 22 billion, and a 17.0 billion surplus a year earlier. But the improvement was not due to a rise in trade, but because as exports fell only 3.8% while imports plunged 8.9% year-on-year.
Trading recommendation: range 1.1811 -1.1865
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