The final services PMI report for the Eurozone came out better than expected. Services activity, as measured by IHS Markit, saw the index rising to 51.9 for November. This was higher than estimates of 51.5 and a modest increase from October’s 51.5. The increase in the index was driven by higher services activity from Germany and Spain.
EUR/USD Rebounds off Support – Will the Momentum Keep Up?
The euro currency fell to the support area of 1.1062 – 1.1075 and promptly recovered. With support established at this level that previously served as resistance, further gains are possible. The next upside target for the EURUSD is at 1.1131. But we do not expect the euro to break past this level for the moment.
