10:21, 07 May
German industrial production declined by 9.2% MoM in March above the market consensus of -7.5%. We see that there is a weakness on German economic outlook. So, the selling pressure continues on the pair. There is no available data on the U.S. side.
The pair continues its down trend. We do not expect up trend until the 1.09 resistance level is breaking. However 1.0770 is the main support level for the pair.
Resistance levels : 1.0840 – 1.0880 – 1.0900
Support levels : 1.0770 – 1.0730 – 1.0680