Forex: EUR/USD drops further on EMU data

FXstreet.com (Barcelona) - The euro intensified its intraday decline after the February EMU’s industrial production figures posted an annual contraction of 3.1% against the 2.5% expected and deeper than January’s 2.4%. On a monthly basis, the sector expanded 0.4%, exceeding estimates at 0.1%.

That would be all regarding the euro docket. Market participants would now shift their attention to the US retail sales, the preliminary Reuters/Michigan Consumer Sentiment index and Chief Bernanke’s speech.

EUR/USD is now retreating 0.53% at 1.3053 and a dip beyond 1.3044 (low Apr.11) would expose 1.3006 (low Apr.9) and finally 1.2980 (MA10d).
On the upside, resistance levels line up at 1.3138 (high Apr.11) ahead of 1.3140 (MA55d) and then 1.3150 (MA100d).