EURUSD: German industrial production recovery
Jean-Christophe Rolland July 8, 2020 3:24 AM
The German industrial production bounced in May after a sharp decline in April.
In Germany, industrial production rebounded by 7.8% in May, after a decline of 17.5% (revised from -17.9%) in April. However the market expected an increase of 11.1%.
From a technical point of view, on a daily chart, the EUR/USD escaped from a flag pattern drawn since early June. The pair stands above its 50-day moving average (in blue) while the daily RSI remains within its buying area. Readers may therefore consider the potential for further advance above 1.1170. The nearest resistance would be set at 1.1420 (June high) and a second one would be set at 1.1495 (March high) in extension.
Source : TradingVIEW, Gain Capital
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