Key Highlights
Euro after tumbling once against the US Dollar after the ECB event managed to gain bids on the downside.
The EURUSD pair recovered sharply and posted healthy gains recently.
In China, the Industrial output released by the National Bureau of Statistics of China posted an increase of 5.4% in January 2016, less than the forecast of 5.6%.
Chinese Retail Sales grew by around 10.1%, which was around the market forecast.
EURUSD Technical Analysis
The Euro closed this past week with a positive note, and traded above the 1.1100 levels. The pair broke a major resistance trend line on the 4-hour chart, and also traded above the 100 and 200 simple moving averages.
There are many positive signs for the EURUSD pair, and it looks like it may continue to trade higher in the near term.
On the upside, the next resistance lies at 1.1220, and on the downside support can be at 1.1140.
Euro Area Industrial Production
Today, in the Euro Zone, the Industrial Production, which shows the volume of production of Industries such as factories and manufacturing will be released by the Eurostat. The forecast is slated for a rise of 0.88% in Jan 2016, and in terms of monthly change, the market is expecting an increase of 1.5%. If the expected rise is not in line with the forecast, then there is a chance of a decline in the near term in EURUSD.
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