ECB's Praet defended its current monetary policy as appropriate as policymakers stopped self-reinforcing downward spiral, despite the remaining downside risks to growth. Working those issues of “fear” are more important than cutting interest rates, he said.
EMU industrial production fell from -3.3% to an annualized -3.7% in November (consensus of -3.2%), with a monthly contraction of -0.3% (consensus of -0.1%). The EUR/USD is back at 1.3375 zone.
“The target is at the level of 1.3500, which is also considered as a target level of the third wave”, wrote Roboforex.com analyst Igor Sayadov. “Later, in my opinion, the pair may start a correction to return to the level of 1.3080. In order to do that, the pair has to form a pivot point and form a reversal pattern”, he wrote.