The euro was recovering from the weakness earlier in the week. The gains came largely due to a weaker dollar.
Economic data from the eurozone saw the industrial production figures rising 0.2% on the month, falling below estimates. The common currency, however, brushed aside the data.
EUR/USD to Move into a New Range
The currency pair is rebounding off the support area near the 1.1131 level. This is pushing the currency pair higher. However, the gains will be limited as the EURUSD will settle into the new range.
The resistance level at 1.1180 and the 1.1131 support will set the new corridor for the currency pair. A breakout from this level is needed to further confirm the direction.
