The Euro continues trading under pressure. Data on Eurozone employment and industrial production

The single currency continues trading under pressure against the US dollar, after the publication of weak data on employment and industrial production in the euro area.

• According to the published data, the change in employment in the 4th quarter was 0.3%, which is lower than the previous value at the level of 0.4%. On an annualized basis, the growth rate slowed to 1.6%. Against the previous value of 1.7%.
• The volume of industrial production fell in January by -1.0%, against the growth in December at the level of 0.4%. In annual terms, the growth rate was 2.7%, which is lower than the previous value of 5.3%.

Technical analysis: The pair EUR / USD maintains an upward trend in the short term. The nearest level of support is at 1.2330. I see the resistance level at 1.2420.

Key recommendations: In the event that the price of the instrument continues to fall and below the 1.2330 mark, it is worth considering selling after returning to this level with the potential to decline to 1.2270. In case of resumption of growth and consolidation above the 1.2420 mark, it is worth considering purchases with further growth to the level of 1.2490.

EUR / USD Graph. The current price is $ 1.2369.

Alexander Sivtsov