- EUR/USD has dropped below key hourly chart support.
- The single currency is struggling despite a strong bounce from China's factory output.
- The pair reversed lower from highs near 1.1170 on Thursday on strong US data.
The single currency remains under pressure on Friday even though China's Industrial Production experienced a bounce in December.
Dips below 100-hour MA
The pair has dropped below the 100-hour average at 1.1137, having reversed lower from the high of 1.1173 seen Thursday's US trading hours. The pair pulled back as
the dollar picked up a bid in response to the better-than-expected US Retail Sales data.
China data beats estimates
Industrial production grew by 6.9% in December, beating analysts’ forecasts of 5.9% by a big margin to register the fastest rate of growth since March. Further, Retail Sales grew by 8%, bettering forecasts of 7.9% growth, but remained unchanged from November.
The fourth-quarter GDP came in at 6% as expected, while the dragon nation reported the full-year growth at 6.1% – the slowest in 29 years.
Markets priced in China slowdown in 2019 and have been betting on a rebound since the last few weeks. The Industrial Production data suggests the economy likely bottomed out at the end of 2019 and may regain some poise, as widely expected.
A deeper slide may be seen if the US Industrial Production for December, due at 14:15 GMT, blows past expectations.
|Today last price||1.1134|
|Today Daily Change||-0.0004|
|Today Daily Change %||-0.04|
|Today daily open||1.1138|
|Previous Daily High||1.1174|
|Previous Daily Low||1.1128|
|Previous Weekly High||1.1208|
|Previous Weekly Low||1.1085|
|Previous Monthly High||1.124|
|Previous Monthly Low||1.1002|
|Daily Fibonacci 38.2%||1.1145|
|Daily Fibonacci 61.8%||1.1156|
|Daily Pivot Point S1||1.1119|
|Daily Pivot Point S2||1.1101|
|Daily Pivot Point S3||1.1074|
|Daily Pivot Point R1||1.1165|
|Daily Pivot Point R2||1.1192|
|Daily Pivot Point R3||1.1211|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.