In February 2015, the seasonally adjusted Italian industrial production index increased by 0.6% compared to the previous month. The percentage change in an average for the last three months was +0.4% against the reading for the previous three months.
Today, traders eye on the German WPI and the European industrial production. US data will dominate today's trade. From the past performance, the US core retails sales, PPI, and retails sales are not in positive bias. In case of negative reading, the euro is likely to move towards 1.0680 and 1.0700 against USD. The euro is preparing for tomorrow's ECB press conference.
Intraday view: The pair has been extending its downward journey for sixth consecutive day as well. Hourly support is found at 1.0550. Intraday resistance is seen at 1.0620. At yesterday's session, we recommended selling below 1.0580 with targets at 1.0550, 1.0500, and 1.0485. The pair made a low at 1.0521. All time interval charts favor bears. Until the pair closes below 1.0730, use every rise to sell with targets at 1.0485 and 1.0375 in the near term. Eventually, the pair falls below 1.0000 and 0.9000. For an intraday session, we recommend selling below 1.0550 with targets at 1.0520, 1.0500, and 1.0485. The World Bank cuts outlook for East Asia led by China. The stronger US dollar and interest rates hike will add more pressure on the economies. The euro has been depressed by negative yields and the ECB's QE. The recent Chinese economic data are disappointing that encourages USD strengthening. Today, in case the US printed negative readings, this pair is recommended for buying above 1.0620 with targets at 1.0680 and 1.0700. This view is only for intraday speculative trading. Overall the trend favors bears.
Support: 1.0500,1.0500, 1.0485
Resistance: 1.0610, 1.0640, 1.0685
Trade: Forget about buying. Sell, nothing else.
The material has been provided by InstaForex Company - www.instaforex.com
