Eurostat - September 14
prior +9.1%
- Industrial production WDA -7.7% y/y vs -8.1% y/y expected
- prior -12.3%, revised to -12.0%
Industrial production is down from June's reading as the lockdown lift spike higher recedes. ECB was more optimistic at their last meeting and nothing here to dampen that optimism. Revisions a touch higher for the WDA too.
As I discussed in the previous review, the EUR managed to complete the upside correction ABC and I see further downside movement towards the 1,1800.
Further Development
Analyzing the current trading chart of EUR, I found that the buyers got exhausted today and the downside roattion would be probablyto complete the ABC correction.
Watch for selling opportunities on the rallies with the targets at 1,1810 and 1,1800.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Natural Gas and Lumber todaay and on the bottom Coffee and Orange Juice
Key Levels:
Resistance: 1,1873
Support level: 1,1800
