This EURUSD Daily Analysis from
GIC will discuss the movement of the Euro currency in Wednesday's trading yesterday in general moving stronger against the US Dollar. The strengthening of the single currency of the euro zone is supported by the weakening of the US dollar and the positive sentiment on the release of industrial production economic data in the euro zone. The movement of the Euro currency in Wednesday's trading was not very active with a not too large volume.
EURUSD
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Photo Source: Fausta via GIC[/caption] The strengthening of the Euro is expected to continue in today's market trading, if the US Dollar currency is still in its weakening range. The industrial production data released was far above the prediction and the previous period, the data was 1.5% while the prediction was only 0.6% and the previous period data was -0.1%. The strengthening of the Euro was also aided by the weakening of the Greenback, where the weakening of the US Dollar was due to a decline in US government bond yields for long-term tenors. The rise and fall of US government bond yields has been in the spotlight of market participants since entering 2020. At the beginning of trading on Monday, the US bond yiels had risen and touched their daily highs, but in this week alone there have been at least 2 declines in yields. For now, everything related to economic data, bond yields and the behavior of market participants will affect the condition of the US dollar. The focus of market participants today is on the agenda of the chairman of the European Central Bank "Lagarde" which will start at 19:00 WIB at night. It is estimated that Lagarde will still maintain the current policy, as well as the current interest rate at the level of 0.00% will be maintained until an undetermined deadline. Today's technical analysis: if the EURUSD movement is able to break through Resistance 1 at the level of 1.18315 then there is a high chance that the movement will continue towards Resistance 2 at the level of 1.18478, but if it is not able to continue its strength, then the EURUSD movement will return to the Pivot Point at the level of 1.18150 even if the condition of the US Dollar is again in its strengthening path, then there is a great chance that the Euro movement will move towards Support 1 at the level of 1.17987 and if the Support 1 level can be passed, then the direction of the next movement will be towards Support 2 at the level of 1.17822. For Fundamental Analysis tonight at 19:00 WIB, ECB Gov. Lagarde Speak high impact data will be released, then followed by the release of American data, namely Core Retail Sales and Retail Sales which will be released at 19:30 WIB. The US Retail Sales data is predicted to weigh on the US Dollar. Thus the daily analysis of EURUSD today, keep a good eye on
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