German Balance of Trade stronger than expected

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This morning, June German Balance of Trade was released at EUR 15.6 billion surplus, much higher than EUR 1.4 billion surplus expected. Also, June Industrial Production was published at +8.9%, vs +8.1% expected.

From a technical point of view, on a daily chart, EUR/USD remains on the upside and is supported by its rising 50-period moving average (in blue). Readers may therefore consider the potential for further rise above support at 1.1490. The nearest threshold would be set at horizontal resistance at 1.2000 and a second one would be set at previous overlap at 1.2150 in extension.
Chart analysis demonstrating German Balance Of Trade Stronger Than Expected. Published in August 2020 by FOREX.com
Source: TradingView, GAIN Capital

 
 
Related tags: Forex Forex Germany

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