EUR/USD
Seasonally adjusted industrial production rose by 1.1% in the euro area and by 0.9% in the EU in February 2015 compared to January 2015, according to Eurostat, the statistical office of the European Union. In January 2015, industrial production fell by 0.3% in both zones. In February 2015, industrial production increased by 1.6% in the euro area and by 1.4% in the EU compared to February 2014. As reported by the Federal Statistical Office, the selling prices in wholesale trade decreased by 1.1% in March 2015 against the corresponding month of the preceding year. In January 2015 and in February 2015 the annual rates of change were –2.6% and –2.1%, respectively. The index rose by 1.0% from February 2015 to March 2015.
Today, traders eye on the ECB press conference. This is the biggest event in this week. Economists are looking for couple of things at today's press conference. I would focus on Greece. On April 09, the ECB increased financial assistance to Greece banks under an emergency lending program. The ceiling was at 73.2 billion euros against the previous reading of 72.00 billion euros. The recent economic data readings were published on a positive bias. Final quantitative easing is the main thing to focus on. As we know, the ECB has plan to buy 60 billion euros per month up to 2016 September.
At yesterday's session, the pair paused 6-day falling and gained 100 pips. Weak US data supported the pair. The pair favors bears in all intervals. Hourly support is found at 1.0600. Intraday resistance is seen at 1.0680 and 1.0715. So, use every rise to sell with targets at 1.0485 and 1.0375 until the pair closes below 1.0715 in the near term. Eventually, the pair falls below 1.0000 and 0.9000. For an intraday session, we recommend selling below 1.0600 with targets at 1.0550, 1.0520, and 1.0485. The euro has been depressed by negative yields and the ECB's QE.
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