The Euro is down 19 pips (0.17%), trading around 1.1324
Live - Updated 107 minutes ago.As the current session draws to a close, Euro/Dollar remains in the 1.1324 range after dropping 0.17%.
Meanwhile, data for Euro Zone Manufacturing PMI released today at 9:00 AM comes out at 59, beating projections of 57.5 and showing improvement over the preceding figure of 58. Euro Zone Services PMI published today at 9:00 AM came out at 51.2, falling short of the 52.2 projections and continuing its decline from the previous 53.1 figure. Euro Zone Composite PMI published today at 9:00 AM came out at 52.4, falling short of the 52.6 projections and continuing its decline from the previous 53.3 figure.
Asset volatility analysis shows that a slight indication of recovery comes from looking at the Bollinger bands: the lower band is at 1.1258, a low enough level to (usually) suggest that EUR/USD is trading below its value. As the day reaches an end a chart visual study suggests the Euro might start to recover soon because it is getting close to its support line— now only 91 pips away at 1.1232. Dipping below could be an indication that further losses are ahead. Despite this, at 1.1321, the Euro made an initial breakout below the 50 day Simple Moving Average, an indication of a negative trend.
Technical analysis indicates that the Euro's current downtrend might soon change course and start climbing up in the short term.
Positive performances can be seen by looking at other symbols as GBP/NZD rallied above 2.0222 for the first time in 1 year (gaining 45 pips). It later dropped, erasing today's gains, and is currently trading lower at 2.0139. USD/CAD is trading around 1.2633 after ending Friday's session at 1.258 (up 0.42% today).
In addition, the Australian dollar broke through the 0.7106 support line, and dropped 39 pips below it.
The market will be looking for upcoming data regarding Germany Business Climate Index is expected tomorrow at 9:00 AM. Germany's new Current Assessment (Jan) data will be available tomorrow at 9:00 AM. Data is expected to decline to 96.1 from its previous value of 96.9. Germany Business Expectations is projected to outperform its last figure with 93. It previously stood at 92.6; data will be released tomorrow at 9:00 AM.
The Euro had a bad year so far, losing 0.23%. The asset has been trading sideways for the past a 2 month.
