Master_Sclap: EURUSD - Slightly bullish on the downtrend

After Friday’s rally post-NFP, the euro lost some of its gains as the US dollar regained some support and European growth comes into question once again. The initial kneejerk reaction to the US labor data has been quelled due to the decline in unemployment and increase in average hourly earnings (key contributor to inflation) that could keep central banks on their toes.

German industrial production (see economic calendar below) fell once again but this time missing estimates by 1%, exacerbating concerns around the largest economic contributor to the eurozone. Major contributors to the negative print stemmed from the automotive industry (-3.5%) and the construction sector (-2.5%).