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On Tuesday, the EUR/USD pair gave up its earlier gains and is trading near the 1.1713 level after rebounding from 1.1743. A downward revision of the December PMI data—the Eurozone Services PMI—has increased bearish pressure on the euro. The Eurozone Services Purchasing Managers' Index fell to 52.4 from the previously forecast 52.6 and the November reading of 53.1. For short-term trading opportunities today, traders should pay attention to the release of Germany's Consumer Price Index, which will be published later in the day.
Yesterday's US ISM Manufacturing PMI report showed the sharpest contraction in 14 months, with new orders declining while prices continued to rise. Combined with dovish comments from Minneapolis Fed President Neel Kashkari, this once again reinforced expectations of US monetary policy easing and weighed on the US dollar.
During the US trading session today, remarks from Richmond Fed President Thomas Barkin and the final S&P Global Services PMI data may influence the US dollar. However, special attention should be paid to the US labor market, with key data due later this week, including the Non-Farm Payrolls (NFP) report on Friday.
From a technical perspective, prices have shown resilience below the psychological 1.1700 level, while daily-chart oscillators have not yet moved into negative territory. This suggests that bulls are still prepared to defend their positions. Resistance for the pair is located at 1.1745; above this level, prices will face resistance at 1.1760, after which bulls will aim for the psychological 1.1800 level.
Below is a table showing the percentage changes of the euro against major currencies for today. The most notable strengthening of the euro has been recorded against the Swiss franc.
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