Goldman Sachs reduces its growth forecast for the euro area to 0.4% from 0.7%

Goldman Sachs has reduced its 2023 growth forecast for the euro zone due to weaker economic activity data. Economists, under the leadership of Sven Jari Stehn, now anticipate a growth rate of 0.4% for the region in 2023. That is down from 0.7% previously.

The EURUSD moved into the next downside swing area between 1.1010 and 1.10267. The low price for the day reached 1.1020 before rotating back to the upside. The $0.50 midpoint of the move up from the July low comes in at 1.10539. The 200 bar moving average of the 4 hour chart comes in at 1.10631. Stay below both keep the sellers more in control technically.

This article was written by Greg Michalowski at Source