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Epic Research
Weekly Price Performance
Euro ended 0.2 percent higher week on week. The currency touched a weekly high of 1.3308 and closed at 1.3185 on Friday.
Factors that influenced movement in the Euro
Standard & Poor’s raised credit rating of the Greece from selective default supported an upside in the currency. Expectations that the US law makers might be able to resolve the fiscal cliff issue supported an upside in the currency. European Central Bank president Mario Draghi said that the euro area confidence have been revived by the
ECB polices and governance which could result into economic recovery in the second half of the 2013
News
German Ifo Business Climate rose by 1 point to 102.4-mark in December as against a rise of 101.4-level in November. European Current Account was at a surplus of 3.9 billion Euros in October from earlier surplus of 2.4 billion Euros a month ago.
German Producer Price Index (PPI) declined by 0.1 percent in the month of November. Italian Retail Sales declined by 1 percent in October as against a rise of 0.1 percent a month ago.
Belgium NBB Business Climate was at -11.8-mark in December as against a previous decline of 13.4-level in November.
European Consumer Confidence remained unchanged at -27-level in the month of November.
Outlook
We expect the Euro to trade with a positive bias due to expectations that euro region might witness growth after constructive efforts by the European finance ministers. However, persistent fiscal cliff issues in the US might cap gains in the currency .
Weekly Technical Levels
EURO/USD SPOT: Support 1.311/1.304
Resistance 1.328/1.338 (CMP:1.3213)
Euro ended 0.2 percent higher week on week. The currency touched a weekly high of 1.3308 and closed at 1.3185 on Friday.
Factors that influenced movement in the Euro
Standard & Poor’s raised credit rating of the Greece from selective default supported an upside in the currency. Expectations that the US law makers might be able to resolve the fiscal cliff issue supported an upside in the currency. European Central Bank president Mario Draghi said that the euro area confidence have been revived by the
ECB polices and governance which could result into economic recovery in the second half of the 2013
News
German Ifo Business Climate rose by 1 point to 102.4-mark in December as against a rise of 101.4-level in November. European Current Account was at a surplus of 3.9 billion Euros in October from earlier surplus of 2.4 billion Euros a month ago.
German Producer Price Index (PPI) declined by 0.1 percent in the month of November. Italian Retail Sales declined by 1 percent in October as against a rise of 0.1 percent a month ago.
Belgium NBB Business Climate was at -11.8-mark in December as against a previous decline of 13.4-level in November.
European Consumer Confidence remained unchanged at -27-level in the month of November.
Outlook
We expect the Euro to trade with a positive bias due to expectations that euro region might witness growth after constructive efforts by the European finance ministers. However, persistent fiscal cliff issues in the US might cap gains in the currency .
Weekly Technical Levels
EURO/USD SPOT: Support 1.311/1.304
Resistance 1.328/1.338 (CMP:1.3213)