EUR/USD (current price: 1.0745)
Industrial Production in the Eurozone declined by -0.8% in October, which slightly beat the consensus estimate of -0.9%. The sector continues to struggle, as the Chinese economy is growing slower than previously, weighing on the European manufacturing segment. The common currency still drifted lower on Monday, as the result of the U.S. presidential election continued to dominate the market. The neutral speech of Mario Draghi didn’t change the underlying trend yesterday.
Our assessment: The pair now trades on an 11-month low this morning. The long-term support level near the 1.05 line is getting closer and closer.
