FX.co ★ EUR/USD analysis for September 15 2020 - Broken rising trendline and completion of the ABC correction. Downside movement is expected...

US August 2020 industrial production data

• Prior was +3.0%
• Ex autos +0.6% vs +2.1% prior
• Capacity utilization 71.4% vs 71.4% expected
• Mining -2.5%
• Utilities -0.4%
• Motor vehicle assembly rate 11.26m pace vs 11.94m prior

As I discussed in the previous review, the EUR did complete the ABC upward correction in my opinion...

Further Development

Analyzing the current trading chart of EUR, I found that the buyers got exhausted today and the downside roattion would be in the play.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lumber and Cocoa today and on the bottom Lean Hogs and VIX.

Key Levels:

Resistance: 1,1900

Support levels: 1,1825 and 1,1810