THE DATA

  • The monthly GDP growth rate came in better than the market expectation. The growth of 0.2% in September followed a 0.1% decline in the month of August.
  • The employment rate continued to grow at a solid pace adding 79.5 thousand people into the labour force against a marker expectation of 10 thousand.
  • The Unemployment rate also strengthened to 5.9 % from 6.3%
THE REACTION

  • Strong reaction as can be seen in the 15 minute chart.
  • The pair lost about 200 pips from the time of the announcement
THE OUTLOOK

  • Taking the 1.3 level as the 100% retraccement level, the next important resistance point will be the 61.8% level at 1.26410.
  • 50% retracement will be at 1.253, which will be the next Resistance level
  • 1.29 should be the near term support level
  • Below the 1.2419, the 38.2% level should expose the pair for attack of the year's low at 1.2060.
Happy Weekend Everyone.
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