EUR News

Factory orders data from Germany is due on Wednesday, headlining a light day for the European economic news.

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EURUSD broke below 1.1809 support, suggesting that the upside movement from 1.1554 had completed at 1.1961 already. Further decline would likely be seen in the coming days and next target would be at 1.1712. A breakdown below this level could take price to next support level at 1.1554, followed by the resistance-turned-support trend line on the weekly chart now at around 1.1390. Near term resistance is at 1.1880, only a breakout of this level could trigger another rise to test 1.1961 resistance, above this level will confirm that the uptrend from 1.1554 has resumed, then next target would be at 1.2092 (Sep 8 high).

Germany's industrial production dropped unexpectedly in October driven by weakness across major sectors except energy. Industrial production fell 1.4 percent month-on-month in October, following a revised 0.9 percent drop in September, data from Destatis showed Thursday.

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The European Central Bank raised the euro area growth forecasts, as it gained confidence from the strong momentum this year, but inflation was seen to remain short of its target into 2020, which Mario Draghi called a "muted" news that warrants support from massive monetary stimulus.

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Eurozone's economic expansion remains solid and broad-based, and is expected to sustain its strong momentum into next year, the European Central Bank said in its regular bulletin.

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Germany's construction activity expanded at the fastest pace in four months in December, buoyed by strong growth in commercial building work, survey data from IHS Markit showed Friday.

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Eurozone consumer confidence is likely to touch further record highs over the course of 2018 on the backdrop of favorable general economic situation, Bert Colijn, an economist at ING, said.

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The European Commission raised its growth projections for the euro area citing stronger cyclical momentum in Europe and better than expected pick-up in global economic activity and trade. In the Winter Economic Forecast, the commission said the currency bloc will grow 2.3 percent in 2018, up from the previous projection of 2.1 percent.

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Germany's economy grew as expected at the end of 2017 largely driven by foreign demand and inflation continued to ease in January, data from Destatis revealed Wednesday. Gross domestic product grew 0.6 percent sequentially in the fourth quarter, in line with expectations, but slightly slower than the 0.7 percent expansion seen in the third quarter.

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Germany's economy expanded as initially estimated in the fourth quarter largely on foreign demand, detailed report from Destatis showed Friday.

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