The euro is little changed today as traders wait for the official second reading of GDP data from the Eurozone. The data, which will come out at 10:00 GMT, is expected to show that the economy expanded by 12.7% in the third quarter. That will be a record recovery coming out from a low base as the economy contracted by 11.8% in the second quarter. On an annualised basis, analysts expect the data to show that the economy contracted by 4.3%. These numbers will come a day after we received the GDP numbers from the UK.

The price of crude oil retreated overnight as traders reacted to a surprise increase of US inventories. According to the Energy Information Administration (EIA), oil stocks rose by more than 4.27 million barrels last week. That was a sudden increase considering that the number decreased by more than 7.99 million barrels in the previous week. Analysts were expecting the price to decrease by 913k barrels. The price also fell after the EIA released its monthly report. The report predicted that demand will remain under pressure for longer because of the new wave of the virus.

The US dollar was also little changed in overnight trading as traders digested the latest inflation data from the US. The data showed that the overall and core consumer prices remained under pressure in October. They now expect that the situation will continue to worsen in the next few months as the unemployment rate remains at record lows. Later today, we will watch out for the factory-gate prices from the US. Analysts polled by Reuters expect that the headline PPI will increase by 0.4% while the core PPI will increase by 1.2%.

EUR/USD

The EUR/USD pair is trading at 1.1802, which is slightly above the 38.2% Fibonacci retracement level on the hourly chart. The price is at the same level as the 14-day fractal adaptive moving average and slightly above the 28-day average. It is also forming a bullish pennant pattern that is shown in pink. Therefore, while the consolidation may continue today, the price will likely break-out higher as bulls aim for the next resistance at 1.1830.

GBP/USD

The GBP/USD price is trading at 1.3112, which is close to the lowest level since Tuesday this week. The price is also substantially lower than this week’s high of 1.3313. It has moved below the 15-day and 25-day moving average and formed a head and shoulders pattern. The awesome oscillator is also below the neutral level, meaning that the price will likely continue falling as bears aim for the next support at 1.3100.

XBR/USD

The XBR/USD pair dropped to an intraday low of 42.87, which is the lowest it has been since Tuesday. The price is also lower than this week’s high of 45.42. On the four-hour chart, the Relative Strength Index (RSI) has also moved from the overbought level of 77 to the current 49. Also, it has moved below the 25-day moving average. Therefore, the pair is likely to continue falling as bears aim for the next support at 42.00.