© Reuters. The Euro continues to go down this Thursday
The EUR/USD pair lost ground yesterday during the european session, and has accentuated its decline yesterday evening, and continues to fall this morning (Thursday).
Yesterday evening, a response of Jerome Powell, the head of the Fed, during which he found that “the US economy is in a good position” seemed to support the Dollar and weigh on the EUR/USD.
This morning, the Euro seems to be affected by the disappointing figures for German industrial output, which fell by -0.4% in the month of December, compared with +0.7% anticipated, bolstering the idea that the first economy of Europe is slowing, after the recent downward revision of the growth forecasts of the government, and after the orders to the industry published yesterday, and which were also found to be significantly below the consensus.
For the rest of the day, only entries weekly unemployment in the US will be likely to influence trade for the economic calendar.
From a graphical point of view, after the break below the psychological threshold of 1.14 yesterday morning, the EUR/USD managed to break below 1.1380, and is now facing the support of 1.1350.
Below this level, the next support potential are located at 1.13, and then 1.1270 and 1.1215, the low annual 2018.
The increase, the area of 1.1380-1.14 will be the first resistance to take into account, and a passage above this area would undermine the negative bias. However, a return back above 1.1450 is required to be able to consider buying opportunities in the short term.
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