Date : 6th November 2014
EURUSD TRADING HIGHER AHEAD OF THE ECB MINIMUM BID RATE DECISION AND PRESS CONFERENCE.
EURUSD dropped yesterday and closed at 1.2485. The Retail Sales in the Eurozone dropped to a reading of -1.3 percent on a monthly basis in September. The Final Services in the EU slowed down to a level of 52.3 in October.
In the United States the Republicans gained control over the US senate for a first time since 2006 during the midterm 2014 elections.
In the economic news the US ISM Non-Manufacturing PMI dropped to a level of 57.1 in October. On the other hand the ADP Non-Farm Employment Change came out better than the market expectations at a reading of 230K in October.
Investors are now looking forward for the ECB Minimum Bid Rate Decision and the ECB Press Conference due from the Europe and the Unemployment Claims report due from the United States. Depending on the outcome of the releases we might witness high volatility on the market and investors should be fully aware of that.
Support for the EURUSD is seen at 1.2459 and resistance is seen at 1.2585.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.