According to the recent report released by INSEE - National Institute of Statistics and Economic Studies, France’s industrial production shrank due to negative dynamics seen in the local energy, manufacturing, and transportation sectors.
The Eurozone’s second-biggest economy (The Eurozone includes 19 economies to date) showed a 0.5% decline in the industrial production sector over the reporting period, Market Leader reports. Month over month, France’s industrial production dropped by 0.3% in March 2016 relative to February 2016.
Apparently, the forecasts failed since the actual figures ended up far away from then after underperforming considerably. The manufacturing sector saw its output shrink by 0.9% over the reporting period while the local motor industry dropped by as much as 3.1% over the same period. Analysts had expected a 0.5% increase.
Forex
In the meantime, the Euro is going down within the scope of the same mid/long-term downtrend against the U.S. Dollar, Masterforex-V Academy experts report.
To be more specific, the price move is currently developing a bearish move, which is probably wave b(C ) inside the long-term downtrend. This assumption will be confirmed if the price breaks below 1.0911.
The closest level of support is 1.0821. The key levels of resistance are the top of the descending MF sloping channel and MF pivot 1.1427.
