No technical recession in euro area | 21 July 2023

EURUSD trading plan:

Euro zone gross domestic product was flat in the first three months of this year against the previous quarter, the EU's statistics agency Eurostat said, revising a previous reading of a 0.1% quarter-on-quarter contraction. The revision means that the 20 countries sharing the euro currency did not, after all, enter a technical recession after a 0.1% quarter-on-quarter contraction in the last three months of 2022, as indicated by Eurostat's data in June. In year-on-year terms euro zone GDP grew 1.1% in the first quarter of 2023, an upward revision from the 1.0% reported in June, after a 1.7% year-on-year rise in the previous three months, revised from 1.8% reported in June.

Investment idea: range 1.1090 -1.1180.