According to Eurostat, the EU’s industrial production figures dropped by 0.8% in March 2016 relative to February 2016. It should be noted that the production drop corresponds to the 18-month high. The analysts interviewed by Bloomberg had predicted a 0.7% drop. With that being sad, the actual production decline turned out to be bigger than expected, Market Leader reports.
At the same time, the Eurozone’s industrial production reached the 6-year high of 1.9% in January 2016 even despite being revised and cut a little bit. As for the year-over-year figures, they increased by 0.8% over the same reporting period against the 1.3% forecast.
At the same time, it is reported that the Eurozone’s energy production shrank by 1.2%. Some other sectors with lower production are non-durable goods (1.8%), durable goods (0,4%).
FOREX
According to Masterforex-V Academy, the common European currency is still unfolding a long-term rally even though the price slightly retraced after another bullish momentum. For now, EURUSD is trading somewhere close to 1,1281.
The closest major levels of resistance are the 1,1464 high and MF pivot 1,1360. At the same time, the market tendency is going to reverse only if the price breaks below 1,1222 and the bottom of the ascending MF sloping channel.
