On Thursday, with adverse circumstances coming from Germany, the EUR / USD inched lower on the chart.

The forthcoming German economic data releases are weakening the EURUSD day after day, which has also broken the momentum of the rising wave and led to a new drop-off course.

The gross domestic product and the consumer price index are the two significant news that has affected the price of the EUR / USD pair. Both of these have a vital role in the country’s economy and are thus responsible for today’s volatility of the EUR price.

Eurostat is scheduled to release numbers concerning the European Gross Domestic Product (GDP) on Friday – (October 30, 2020).

According to economists forecast, the European GDP registered a reading of 7.3%. The numbers released by Eurostat reflect the aggregate of the worth of services and products produced within the European Union. The GDP figures are considered an important economic indicator that shows the overall health of a country’s economy. Generally speaking, a rising trend suggests a bullish market for the EURUSD ahead whereas, a downward slope anticipates a bearish market for the EURUSD.

And then, there is another update concerning the Harmonised Consumer Price Index, which is going to release with the expected index of -0.4%of September, with no change, as compared to the index before.

The HICP is a consumer price index measured and reported based on a statistical methodology by Destatis, the Statistical Office of the European Union, which has been harmonized across all EU Member States. HICP is a calculation of prices used in quantitative terms by the Governing Council of the EU to describe and evaluate price stability in the euro area as a whole.

Conclusion

Buying the pair at current levels could be a lucrative step in short to medium term trading, considering the overall price action of the EUR/USD in recent days.