The monthly industrial production reports released on Friday saw industrial output falling 0.2% on the month. This was slightly better than the estimates pointing to a 0.5% decline. January’s data was revised higher to show a 1.9% increase compared to the initial reports of a 1.4% increase. Looking ahead today, the German Bundesbank will be releasing its monthly report.
Will EUR/USD Continue to Rise?
The common currency initially pared gains by Friday’s close but price action has since rebounded. The current upside momentum in the EUR/USD will see price potentially testing the main resistance level at 1.1330. A breakout above this resistance will potentially clear the way for a test to 1.1400 level. To the downside, the declines could be limited to the support at 1.12580.