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EUR / USD pair
Last week, the industrial output in the US came out positive. The December production increased by 0.3% and capacity utilization increased from 78.6% (revised from 78.5%) to 78.7%. The US stock market grew by 1.32% and the dollar strengthened by 0.30%. The euro moved out of consolidation on the four-hour downward chart. Today, it opened below the balance line of the daily timeframe. The combination of signals indicate an increase in the likelihood of further decline.
Today is a US holiday but European investors have no reason to be optimistic. On Friday, the eurozone's balance of payments balance was worse than the forecast with 20.3 billion euros in November against expectations of 24.1 billion. The ZEW's German business sentiment index is expected tomorrow to worsen from -17.5 to -18.8. In the euro area, the ZEW index is projected with a slight improvement of -20.1 compared to -21.0.
We are waiting for the decline of the euro to October 31 minimum at 1.1302.
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