The euro is under pressure. Data on GDP and industrial production of the Eurozone

The single currency remains under pressure against the US dollar, despite positive data on GDP and industrial production of the Eurozone.

• According to preliminary data, GDP growth in the 4th quarter remains at the level of 0.6%. On an annualized basis, the growth of the indicator also remains at 2.7%, while analysts had expected a slowdown in GDP growth to 2.6%.
• The volume of industrial production grew by 0.4% in December, exceeding expectations at the level of 0.0%. On an annualized basis, the growth rate was 5.2%, exceeding the previous value of 3.7%.

Technical analysis: The pair EUR/USD still maintains an upward trend in the short term. The main support levels are 1.2310, 1.2285. The resistance levels are 1,2400, 1,2430.

Key recommendations: For the pair EUR/USD, one can consider both sales and purchases from the above levels of resistance and support with a stop of 25-30 points and a profit potential of 50-60 points. Also, in the process of trading it is worth considering the publication of statistics on the US, before publication of which it is worthwhile to insure the open positions. See the “Market Focus. “

Fig. EUR/USD. The current price is $ 1.2348.

Alexander Sivtsov