HomeContributorsFundamental AnalysisEuro-Zone's Construction Output Grew For The Second Straight Month In December

Euro-Zone’s Construction Output Grew For The Second Straight Month In December

For the 24 hours to 23:00 GMT, the EUR declined 0.1% against the USD and closed at 1.2424.

In economic news, the Euro-zone’s seasonally adjusted construction output advanced 0.1% on a monthly basis in December, compared to a revised rise of 0.2% in the previous month. On the other hand, the region’s seasonally adjusted current account surplus narrowed to a six-month low of €29.9 billion in December, after recording a revised surplus of €35.0 billion in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.2386, with the EUR trading 0.2% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2361, and a fall through could take it to the next support level of 1.2336. The pair is expected to find its first resistance at 1.2419, and a rise through could take it to the next resistance level of 1.2452.

Going ahead, investors would keep a close watch on the ZEW economic sentiment index for February, scheduled to release across the Euro-zone in a few hours. Additionally, Euro-zone’s flash consumer confidence index for February, set to release later in the day, will garner a lot of market attention.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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