Euro / dollar: a new attempt to rebound
14.05.2014
On Wednesday afternoon the main currency pair continues its attempts to rebound, which, however, are not yet very productive - but the "bulls" do not want to give up.
The euro/dollar continues to fight for the right to recover: the trading environment tested positive for buyers, but it is difficult to build on that rebound after four days of large-scale sales.
Today’s statistics for the euro zone did not give the support needed for the instrument - industrial production in March fell by 0.1% y/y after showing growth of 1.7% y/y a month earlier. This is the first fact of decline since August 2013, and an impressive scale of the collapse. The economists and investors did not expect such weak data and forecasted the growth of the indicator by 0.9% as a minimum.
Data for the whole of the EU, all of the 28 countries belonging to the Union, in March showed an increase in industrial production by 0.5 % y/y compared to the growth of 2.2% y/y in February.
The main keynote for the euro/dollar still remains the expectation of steps to be taken from the European Central Bank, whether they are fiscal or verbal. The euro “bulls” fear this, but the case will be decided through nuances, although so far all is quiet.
Overall, the main pair has a chance to rebound to around 1.3750, and then everything will depend on the external background.
RoboForex Analytical Department
The euro/dollar continues to fight for the right to recover: the trading environment tested positive for buyers, but it is difficult to build on that rebound after four days of large-scale sales.
Today’s statistics for the euro zone did not give the support needed for the instrument - industrial production in March fell by 0.1% y/y after showing growth of 1.7% y/y a month earlier. This is the first fact of decline since August 2013, and an impressive scale of the collapse. The economists and investors did not expect such weak data and forecasted the growth of the indicator by 0.9% as a minimum.
Data for the whole of the EU, all of the 28 countries belonging to the Union, in March showed an increase in industrial production by 0.5 % y/y compared to the growth of 2.2% y/y in February.
The main keynote for the euro/dollar still remains the expectation of steps to be taken from the European Central Bank, whether they are fiscal or verbal. The euro “bulls” fear this, but the case will be decided through nuances, although so far all is quiet.
Overall, the main pair has a chance to rebound to around 1.3750, and then everything will depend on the external background.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.