The latest industrial production figures from Germany saw a better increase. Industrial production grew 1.1% on the month in November 2019. This reverses the 1.0% decline from the month before. Economists forecast a growth rate of just 0.9%. Excluding energy and construction, industrial production was up 1.0% for the period.
EUR/USD Finds Support, but Downside Could Prevail
The currency pair, after slipping past the rising trend line is consolidating near the horizontal support level of 1.1100. The bias is to the downside if there is a breakdown further. A decline below 1.1100 will signal a move to the next downside target of 1.1072. We suspect that in the medium term, the EURUSD will remain range-bound within these levels.
