Reuters, the German upswing remains intact despite weaker Q1 growth, according to the Economy Ministry monthly report. Says German private consumption remains strong and companies are upbeat on trade prospects. Says the economy will continue to grow, albeit possibly at a slightly slower pace.
On Tuesday German preliminary Q1 GDP came in lower at 0.3% q/q vs expectations for 0.4% and down from 0.6% in Q4 2017. The calendar-adjusted figure came in at 2.3% y/y, vs an expected 2.4% and down from 2.9% in Q4, while the seasonally-unadjusted reading came in at 1.6% y/y, vs an expected 1.8% and down from 2.3% in Q4.
EURUSD trading below yesterday closed of 1.8366 which is a trend-defining level, below which pair trend is assumed to be bearish and next of target, is 1.17200 and even 1.15100
Bull need to go back above the 200-SMA level of 1.20180 to resume the uptrend.