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EURUSD: pair on track to reach 1.2190

The EURUSD currency pair trended sideways on Monday, February 8, closing the day with mild gains. The key pair gapped slightly lower at the opening, near 1.2040. During the session, the pair dipped to 1.2020, then rallied to 1.2065 and ended the session around 1.2050.

On the macro data front, Germany’s industrial production for December came out yesterday. The reading came in flat on the month, while experts expected a 0.3% MoM increase. At the same time, industrial production growth in November was upwardly revised from 0.9% to 1.5% MoM, lending support to the European currency.

Today Germany's trade balance in December was released, and the reading turned out to be positive (EUR 16.1 bln), although experts had expected slightly better performance (EUR 16.3 bln). The November number was revised down from EUR 16.4 bln to EUR 15.9 bln.

Despite this, EURUSD pair remained on an upward trajectory, broke out of the medium-term downward channel and reached 1.2080. The pair is currently on track to move upward from 1.1952 to 1.2190.

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