Yesterday, the macroeconomic calendar was empty. Moreover, the US was celebrating its Labor Day and it was an official weekend. Notably, the euro almost got stuck. Of course, we could see that the currency inched down, but it was mainly due to overbought conditions.

Today is much richer in economic events. Thus, the eurozone will publish the third estimate on its GDP in the second quarter. Economists suppose that it will meet the previous estimate to prove that the economy contracted by 15.0% compared to a drop of 3.1% in the previous period. On a quarterly basis, the indicator is expected to fall by 12.1%. In fact, the economic situation is quite gloomy. However, traders will hardly show strong reaction as they have already priced in such a slump. At the same time, we should remember that yesterday US traders had a day off and today they may show extremely active trading. Moreover, poor news from Europe is a good beginning of a new trading week.

Eurozone GDP Growth Rate

During more than 140 hours, the euro/dollar pair has been trading within the level of 1.1790/1.1865 that may signal the upcoming market acceleration amid accumulation.

According to the current position of the quote, we can say that the pair is showing low activity and has already approached the lower limit of the range.

The market dynamic showed a sharp slowdown caused by a small number of deals.

According to an hourly trading chart, the price returned to the levels logged last month. It was trading sideways within these levels.

It is quite possible that the price will soon break the limits of the range of 1.1790/1.1865 and a slowdown will be replaced with the acceleration. In this case, the best trading strategy is based on a break of the limits.

According to the comprehensive analysis, there are variable buy/sell signals on the minute and hour charts due to the price's fluctuation within the range. The day chart provides us with unstable selling signals. It is recommended to open sell deals when the price fixes below the level of 1.1780.