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Forex: EUR/USD awaits German factory orders at 1.3070/90 range

FXstreet.com (Barcelona) - The EUR/USD is mildly pushing upward ahead of the German factory orders indicator, as there is still hope in the market to see different figures than consensus: monthly contraction by -0.5% in March and year-on-year drop by -2.9%. The French industrial output not only contracted as predicted, but fell by -0.9% instead of the market consensus of -0.3%. For now, investors await the German data and keep the EUR/USD holding above 1.3070 and below 1.3090.

The French trade deficit narrowed from €-6.011B to €-4.696B, beating €-5.600B consensus, as exports grew from €35.703B to €36.204B while imports dropped from €41.348B to €40.9B.

“A break back below the 55 day moving average at 1.3021 remains on the cards and is still needed to confirm a trend reversal lower”, wrote Commerzbank analyst Axel Rudolph, pointing to 1.2980/54 on the downside, while resistance remains at 1.3202, the four month resistance line at 1.3213 and the April peak at 1.3243.

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