EUR/USD rebounds from the 1.1270 support

The EUR/USD pair is struggling around 1.13, maintaining a moderate positive bias, as it quickly recovered after piercing the 23.6% retracement of the latest daily advance at 1.1270, the immediate support, FXStreet’s Chief Analyst Valeria Bednarik reports. 

Key quotes

“German data added pressure on the shared currency, as Industrial Production missed the market’s expectations, up by 7.8% in the month and down by 19.3% when compared to a year earlier.” 

“In the 4-hour chart, the EUR/USD pair is holding above all of its moving averages, while technical indicators bounced from around their midlines.”

“Support levels: 1.1270 1.1220 Resistance levels: 1.1310 1.1345”