German industrial production grew by 1.6% and significantly exceeded expectations of a modest 0.6% rise. The Euro disregards this and dips below the critical support line of 1.4282, continuing the move seen earlier. We are getting close to the highly anticipated European rate decision. For a second day in a row, German figures keep up the Euro. Yesterday, the publication of factory orders surprised with a rise of 2.4%, four times the early estimations, and this sent EUR/USD further away from support, after the big breakout. And today’s it’s a related figure, with a slightly wider scope: industrial output. The rise of 1.6% comes on top of a strong growth rate last month as well – 2%. This figure was revised to the upside. Upside revisions are somewhat common in this indicator – this is the fourth consecutive time we’ve seen an upwards revision. We got another confirmation that Germany is pushing the whole continent forward. Last night, Portugal officially requested aid from the European Union. The gap between the rich and poor EU countries is widening. This doesn’t help the Euro Earlier in the day, EUR/USD dropped as traders were cautious towards the ECB rate decision.The move continues, and EUR/USD is currently at 1.4273. The good German figure didn’t help it. Is the market already “selling the fact”? Support below 1.4282 is close, at 1.4250, but this is only minor support. More significant support is at 1.4160. Looking up above 1.4282, the next peak is fresh, from yesterday – 1.4350. More important resistance is at 1.4450. For more levels and analysis, see the EUR USD Forecast. The European Central Bank is expected to raise the rate by 0.25% to 1.25%, but there’s also a chance of a 0.50% hike. In case of getting the expected scenario, the moves of EUR/USD will depend on the press conference at 12:30 GMT. Trichet’s words will be closely watched. If he talks about progressive normalization or continues to use the code words “strong vigilance”, EUR/USD will move up. Returning to easy wording will send the Euro down. See the ECB Preview for more. A scenario in which the Euro falls after the press conference is certainly possible. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next GBP/USD Slips After Rate Decision Yohay Elam 12 years German industrial production grew by 1.6% and significantly exceeded expectations of a modest 0.6% rise. The Euro disregards this and dips below the critical support line of 1.4282, continuing the move seen earlier. We are getting close to the highly anticipated European rate decision. For a second day in a row, German figures keep up the Euro. Yesterday, the publication of factory orders surprised with a rise of 2.4%, four times the early estimations, and this sent EUR/USD further away from support, after the big breakout. And today's it's a related figure, with a slightly wider scope: industrial output. The… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.