German Trade Balance below expectations

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By :  ,  Financial Analyst

German Trade Balance below expectations

The German Federal Statistical Office has posted August trade balance at 12.8 billion euros surplus, below 16 billion euros surplus expected. Yesterday, Germany's industrial production declined 0.2% on month in August, well below +1.5% expected.

From a technical point of view, on a daily chart, EUR/USD stands below a former rising trend line and stands below its 50-period moving average (in blue). Readers may therefore consider the potential for a new weakness below horizontal resistance at 1.1850. The nearest threshold would be set at September bottom at 1.1610 and a second one would be set at previous overlap at 1.1500.

Source: TradingView, GAIN Capital

Related tags: EUR Forex Forex

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