Eurozone Industrial Output Declines, EUR/USD Faces Downside Risk

According to the latest publication from Eurostat, Eurozone's Industrial Output declined by 4.1% MoM, which is lower than the expected -2.5% and previous reading of +1.5%. The annualized basis showed a decrease in the bloc's Industrial Production to -1.4% in March compared to the expected growth of 0.9% and a 2.0% figure registered in March.

The pair faces downside risks due to the impasse regarding the US debt ceiling, and we might witness a break below the psychological level of 1.0800.

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EUR/USD maintains a bullish stance, hovering around 1.0900 on Tuesday following the release of Eurozone GDP data, which showed a 1.3% annual expansion in the first quarter in line with expectations. Market participants are eagerly awaiting the release of April Retail Sales data from the US, while closely monitoring statements from Federal Reserve officials.

However, the current price has reached a crucial level of interest around the 1.0900 area, where previous resistance is located. This presents an opportunity for a potential bearish setup. Traders will be observing price action closely, looking for signs of a reversal or downward movement from this key level.

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