Key Economic Data - Coming Up Today(All Times GMT+2)
The EURUSD bounced back from the lows of 1.1866 to 1.1975 and has traded in the range between these two points. The price touched 1.1970 earlier this morning and has eased off to 1.1939 current price. Yesterday German Preliminary CPI m/m disappointed market expectations printing at 0.0% vs 0.1% expected. Subpar inflation in Europe's largest economy paints an ominous picture for this year for the rest of the Eurozone. Overnight the Australian Trade Balance was released at -0.93Billion monthly much better than the forecasted -1.59Billion. This morning Spanish Services PMI beat projections and grew at a faster rate than expected at 54.3 while the same data for Italy fell from 51.8 to 49.4. The overall figure for all the Eurozone countries declined from 51.9 to 51.6. The EU Services PMI has fallen from as high as 54.2 in August 2014 and is approaching the 50 area, below 50 indicates a contraction in the Service industry and is often a reliable indication of an imminent recession. The Services PMI for the UK is expected to grow from 58.6 last month to 58.9 and this data is set to be released in at 09:30 GMT. Later in the day in the US Final Services PMI, ISM Non-Manufacturing PMI and Factory Orders will provide an insight into the strength of the economy in early 2015 following a strong expansion in 2014.
A key data point to follow tomorrow for the Euro will be the German Unemployment Change where an improvement is expected with data expected to show 6 000 less unemployed persons than last month's data. In the US ADP Non-Farm Employment Change and the FOMC Meeting Minutes will move markets tomorrow and define the price-action of the USD against other currencies. Crude Oil Inventories will be in focus at 15:30 GMT as WTI Crude has fallen below $50 and has touched a low of $49.21 thus far.
EURUSD Support areas include 1.1925, 1.1900, 1.1850, 1.1800, 1.1750, 1.1650. Resistance levels above are at 1.1975, 1.2000, 1.2200, 1.2300, 1.2380, 1.2402, 1.2444, 1.2500.
EURUSD 5 Minute Chart
EURUSD 1 Hour Chart
EURUSD Pivot Point Table