- 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|
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