Quotations of the main currency pair managed to break through the key resistance area around 1.1740 on Wednesday, which turned into support. Then, the buyers dynamically led the quotes to 1.1820 / 40 resistance.
Yesterday, after the publication of jobless claims in the United States, the peak of current, short-term upward trend has been set. However, this was the last bullish move on this day, later the quotes fell until the end of the session.
As can be seen in the 1-hour chart below, the declines are also continued today. After 8:00 the pressure of supply appeared, and the price rebounded from the 20-period SMA. This fall can be combined with the publication of data on industrial production in Germany, which has shrunk by 1% on a monthly basis. The markets, on the other hand, expected an increase of 0.3%, which was still lower than the previous reading (1%).
Currently, the stock prices are heading for the support zone (previously resistance) within 1.1740. The average range from the last 14 days is 95 pips, so in the case of a continuation of the sell-off, during the last session this week, it is probable that there will be a movement testing this zone up to the area of 1.1715.