Tatiana Dementieva
Forex news, EURUSD. Today Eurostat, the statistical office of European Union, has published official data on industrial production in Eurozone. Its volume has dropped by 2.3%, in comparison to equal period last year. Analysts attitude was more skeptical, as the expected a decline to 2.7%. Such negative data signals about serious worsening of European industrial sector.
For example, this March the volume of industrial production in Eurozone has dropped by 1.5% on annual basis.
Provided that such negative dynamics lasts, European economy will face negative results during the 2nd quarter. However, not all countries of Eurozone follow the negative trend. As expected, decline mostly concerns problematic countries, namely, Spain , Portugal , and Italy.
As of June 13 EURUSD is within the flat zone, formed by bearish wave А/В from the point of 1.2668 H4. Its significant point of support and resistance include pivots MF 1.2449 and 1.2645 accordingly. Mid-term trend will change and descending movement will continue within H3 wave а(С)/С if bullish sloping channel and abovementioned pivot MF are broken and FZR formed below. Otherwise, according to the experts of Masterforex-V Trading System , Daily wave may start a rising trend, which will be proved by breaking the point of 1.2645 and reversal FRZ formed above.
Tatiana Dementieva
