EURUSD short
On Wednesday at 0700 GMT German GDP q/q is expected to come in soft at -0.3% vs 0.5% previously. 3 hours later at 1000GMT the second reading of Eurozone 3Q GDP will be released which was a disappointment previously at 0.2% QoQ. Taken together the temporary slow down, seems to be more serious than that. Furthermore, the Italian budget crisis is not going away and Italy, at present, simply maintain that they want to submit a deficit budget for this year. They don't want to budge, and to be frank maintain a belligerent stance to the EU that the EU tolerate for now. So, Although the yield differentials are indicating that much further EURUSD falls look unlikely medium term, all of the above leaves plenty more scope for EUR/USD weakness into this week. Price has currently broken the 1.1300 level and look for a retest of that level to get short again or some resistance from the 100 and 200 EMA's on the 15 minute chart
