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Forex: EUR/USD weak ahead of Germany data

By FXstreet.com,  May 08, 2012, 05:04:00 AM EDT

FXstreet.com (Barcelona) - The pair keeps weakening today after being unable to surpass 1.3065 resistance zone yesterday. Ahead of Germany industrial production, the EUR/USD is testing the 1.3010 surrounding area.

Industrial Production in Germany is expected to grow by 0.8% in March, though meaning a yearly decline by -1.2%.

"Larger timeframes studies maintain negative tone and unless minimum 1.3100 is regained, risk is seen of fresh weakness and test of 1.2953, loss of which to confirm break below multi-month range floor and open fresh bear leg towards 1.2900/1.2875", wrote Windsor Brothers analyst Slobodan Drvenica.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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