General overview
The single European currency has entered the correction phase for several days. In addition to the European stock market rally, the Germany industrial production weak data pressure the euro quotes. The November index rebounded to + 0.2% m/m, after a decline by 1.1%, but it did not meet market expectations at the level of + 0.7%. At the same time the annual value fell to 0.0% from 0.2%. The Sentix investors’ sentiment report disappointed the euro – the index was 15.7 against the expected 17.0 points.
The price is finding the first support at 1.0800, the next one is 1.0730. The price is finding the first resistance at 1.0925, the next one is at 1.1050.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is growing.
Trading recommendations
We believe the growth will be continued now. The first target is the level 1.3670, the next one is 1.1050.
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