Industrial production in the Eurozone fell more than forecast in the month of December. Official data from Eurozone showed that industrial production fell 2.1% on the month in December. This follows a flat print in November. The economist’s forecasts were for a 1.7% decline. All aspects of the production fell. The data follows weak manufacturing and industrial figures from Germany.
EUR/USD Could be Set for a Correction
Price action in EURUSD indicates a possible correction might be underway. The Stochastics on the 4-hour chart suggests a possible bullish divergence. Price action needs to break past the pivot high of 1.0922 to confirm the upside. The immediate target is at 1.0952, followed by a move back to 1.1000 resistance.
