Professional China Stainless Steel to Lisbon Factory

The EUR declined 0.60% against the USD and closed at 1.2310, following mostly soft economic data from the Euro-zone and its peripheries. Yesterday, retail sales in the Euro-zone rebounded 0.4% on a monthly basis in October, lower than market expectations for a 0.5% rise. Meanwhile, the region’s services PMI unexpectedly fell to a level of 51.1 in November, similar to market expectations. In other economic data, Germany’s services PMI remained unchanged at 52.1 in November, at par with market anticipations. The greenback traded on a stronger footing after the US non-manufacturing composite PMI unexpectedly recorded a rise to 59.3 in November, while market expectations were for the index to climb to a level of 57.5. Meanwhile, the nation’s ADP private sector employment advanced by 208.00 K in November, lower than market anticipations of an advance of 222.0 K. Additionally, the Markit services PMI surprisingly fell to a reading of 56.2 in November, lower than market expectations for a rise to a level of 56.5. Also, the nation’s mortgage applications fell 7.3% on a weekly basis in the week ended 28 November 2014. The pair is expected to find support at 1.2275, and a fall through could take it to the next support level of 1.2243. The pair is expected to find its first resistance at 1.2365, and a rise through could take it to the next resistance level of 1.2423.
Trading trends in the Euro today are expected to be determined by the ECB’s interest rate decision, followed by a speech from the central bank Chief, Mario Draghi, scheduled later today. Meanwhile, the US initial jobless claims data would keep investors on their toes.

https://www.commexfx.com/daily-outlook-4-12-2014/

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