Yesterday, data on US Pending Home Sales in July was -1.3% vs. forecast for a 0.2% growth and a 0.4% decline in June. Situation in Syria influenced the euro and the currency dropped 53 points.
Today the major event is US GDP in the second quarter in the second estimate (16:30 UTC+4), forecast 2.2% vs. 1.7% in the first estimate. The currency pair is under strong psychological pressure amid the threat of US attack in Syria. Both the factors influence the drop of the euro; if GDP is revised upwardly as condition for QE3 cut from the second part of September, military intrusion to Syria as escape from risk.
From the technical point of view, when the range 1.3312/22 is broken, we expect decline to support of trend line on the H4 1.3288. Then 1.3266, the low of August 7 and 1.3238, the lows of July 29 and August 14.