The industrial production in Germany fell by 1.2% against an average forecast of 0.4. Meanwhile, the trade surplus narrowed to 18.8 billion euros from 20.5 billion euros, while exports and imports have fallen by 1.6%. The euro ignores the warning signals from Greece, whose problems may soon again be in the center of our attention.
The first support lies at 1.1150 and then at 1.1050. The first resistance stands at 1.1260, the next one is at 1.1350
There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is correcting.
We believe the growth will be continued now. After the level of 1.1260 breakthrough the first target is the level 1.3670.