FXstreet.com (Barcelona) - EUR/USD has fallen below the 1.3150 level to reach the 1.3130, fresh intra-day low, after the worse than expected annual industrial production data of the European Union in February.
Industrial production has fallen 2.3% between January and February, slightly better than 2.4% decreases expected by market. On the annual basis industrial production collapsed by 18.4% in February from 16.0% revised data in January. Annual data was worse than 18.0% decreases market expectation and the biggest drop since records began in January 1990.
EUR/USD is falling 0.70% from today's opening price to the currently 1.3130.
Tim Salem, FXstreet.com collaborator, says: Consolidation Activity from the 1.3160's to1.3300's in View providing a Range within the current Price L. R. Channel, resting on the Dynamic 1.3183 Support Level. Further Depreciation brings a Range Low @ 1.3144 which moves through Daily Static Support @ 1.3164. The 20and 200 Hourly SMA Slopes provide Downside Sentiment as RSI Reading @ 43 provide slight Directional Divergence with the Daily Pivot in View @ 1.3221. Appreciation beyond this Level brings 1.3244 dynamically and Confluence @ 1.3278 statically of the 200SMA/Resistance Area. Level Violation sees 1.3314 and 1.3373 to begin Completion of the Hourly Double Top Formation @ 1.3394, respectively.
Salem provides us with his levels: Support levels: 1.3183 1.3164 1.3128 1.3084. Resistance levels: 1.3244 1.3278 1.3314 1.3359 1.3394
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