EUR/USD: Better Than Expected Industrial Production

Technical analysis of Forex market

Official data showed that industrial production in the Eurozone rose 2.1% on month in October, better than +2.0% expected. The European Union is also still in talks with the U.K. over a post-Brexit trade deal. EUR remains on the upside.

From a technical point of view, on a daily chart, EUR/USD has broken above a declining trend line and is supported by its rising 50-day moving average (in blue). Readers may therefore consider the potential for further advance above 1.1890. The nearest threshold would be set at horizontal resistance at 1.2300 and a second one is set at April 2018 top at 1.2410.