EUR/USD Range Traded Overnight But Looking To Rise As German Industrial Production Surprises

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EUR/USD Range Traded Overnight But Looking To Rise As German Industrial Production Surprises

By Greg Michalowski on July 8, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The German Industrial Production rose by a large 3.7% versus expectations of 0.5%. This was the largest month on month gain in 16 years. Industrial Production has been down 7 of 8 months. The rise this month indicates that the worst may be behind the German economy. However, the gain is still off a low level. On a year on year basis IP is down -17.9%.

Nevertheless, the gain has helped the EURUSD move higher on the day. The pair has moved above the 100 and 200 bar MA on the 5 minute short term chart. The levels come in at the 1.3905-1.3907 level. This is the second test post the number. If the level holds the upside is preferred as the up and down movements continue.

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