EUR/USD slided down to 1.1372 after the release of Euro Zone Industrial Production scored lower than expectation. It reported major decline at -0.8 percent when compared to 0.1 percent as expected value.

Dear Traders,

EUR/USD slid down to 1.1372 after the release of Euro Zone Industrial Production scored lower than expectation. It reported major decline at -0.8 percent when compared to 0.1 percent as expected value. It implies the presence of downside risk on economic growth revision for 19 Eurozone nations in this first quartal of the year.

Eurostat, statistical office of European Union disclosed general decline of production lines this month, excluding increasing energy production. Followed declining trend of last February at 1.2 percent, both tapered the 2.4 increase in January. EUR/USD might be traded in sideways trend in advance of German CPI and Europe Union GPD report this day.

 

Technical Analysis

Consider looking at this graphic to aid your trading decision this day, this graphic is in h4 resolution with Elliot Wave theory to read the upcoming pattern.

EUR/USD