Germany’s industrial production data released on Monday saw a 0.3% increase on the month. However, construction output offset the gains in the manufacturing sector. On a year over year basis, Germany’s industrial output is down 3.2%. Meanwhile, the eurozone’s Sentix investor confidence report showed a decline to -5.8 from -3.3 earlier.
EURUSD Likely to Extend Declines
The currency pair is likely to continue its downside. The minor support level at 1.1188 will be tested in the near term. If the support level holds, then we could expect to see a modest rebound in the currency pair. However, the EURUSD will still maintain a sideways range above 1.1188. To the downside, a break down below 1.1188 support will see the EURUSD extending losses to 1.1140.
