FX.co ★ EUR/USD. Forecast for May 8, 2013

The published yesterday data on March was mixed. Industrial Production in France was worse than expected (-0.9% vs. forecast for -0.2%). French Trade Balance was slightly better than expected (-4.7 billion vs. -5.3 billion). German Factory Orders grew 2.2% vs. forecast for -0.4%. US Consumer Credit amounted for $8.0 billion vs. $16.2 billion. As the result the euro was stable.

Today at 14:00 GMT+4 data on Industrial production in Germany in March is released. It is estimated to drop 0.1% vs. rise for 0.5% in February. Considerable data on the US is not issued today.

Technically, the situation has not changed; divergence on the daily chart and the price is still under the indicator lines pointed downwards. If the price breaks the price channel (1.3067) we expect it continues its movement to the bearish targets 1.3032, 1.2986-1.3000, and 1.2954.