EA Flash December PMI surveys and EZ final CPI estimate for November (Mon, 17). are the key drivers
The initial setup leans to the first support level finds at 1.1300 below here, 1.1260 and 1.1200 exists. The flip side, the first level to watch is 1.1400 above here Monday’s high 1.1440exists. Getting through here could strengthen the bulls to aim further at 1.1500 levels.
A symmetrical triangle formation is still evident on the daily chart. Hence, we expect the price likely to consolidate between 1.1260-1.1470 for the next five days.
What’s on today?
Across the euro traders, all eyes will be on EA Flash December PMI surveys. These will provide the first signals of economic performance and price trends for the whole final quarter of the year. We learned from the latest data, European growth continued to slow. In December meeting , Draghi said “,The latest data and survey results have been weaker than expected.”
We are particularly focusing on EZ final CPI estimate for November (Mon, 17).
Moody’s Analytics said, “We expect it to conform to expectations and show that inflation pressures in the currency area eased sharply at the middle of the fourth quarter, to 2% y/y, from 2.2% previously.”
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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