Following the very awful decline of EUR on January 08, 2020, the Eur continuous strives its best to regain its lost position and hence with the support of industrial production reading that is increased to 1.1 percent in this month (as it jumped from -1 percent of the previous month’s reading and also surpassed the economist expectations of 0.7 percent), EUR branded itself with a green candle on the graph against the USD at a price of more than 1.1110. Whereas, if we talk about the technical bias, it remains bearish due to the higher low move shown in the graph, during the last upside move.
The Industrial Production published by the Deutschland Statistisches Bundesamt calculates the production of the German factories and mines. Changes in industrial production are widely followed in the manufacturing sector as an important strength indicator. A high reading is considered positive (or bullish) for the EUR while a low reading is considered negative (or bearish).
Similarly, the following month also showed a rise of more than 2.50 percent in the consumer price index. HICP is a consumer price index calculated and published by Destatis, the European Union’s Statistical Office, based on a statistical methodology that has been harmonized across all EU member states. HICP is a market index used by the EU Governing Council for quantitatively identifying and measuring price stability in the euro area as a whole.
The graph below reflects that the price of EURUSD is loaded with the three resistance levels, which makes it stick around the current level and may not allow it to pass through it.
Coming towards the downside, the support levels of more than three in number may provide some assistance to the price and help it to sustain around the said level.
Seeing the EURUSD market actions of the last few days, it comes to know that the price constantly faces fluctuations in its price movement and hence those who invest it for a short time may trade at the present point, whereas the traders want to take the risk of investing for a long time, they have to wait until the price is not higher than of 10 June 2019 i.e 1.4119.