Manufacturing sector in the Eurozone rose slightly in November. The activity in the manufacturing sector rose from 46.6 to 46.9 during the month. Regional manufacturing activity showed that with the exception of French manufacturing, all other regions were in contraction.
EUR/USD Rises to a 7-day High
The euro currency rose to a 7-day high. The gains came mostly on the back of a weaker US dollar. Technically price action hit the resistance level of 1.1062 – 1.1075. Unless there is a breakout above this level, we expect EURUSD to retreat. In the near term, given that the Stochastics is already overbought, we expect a correction. But price action will remain range-bound within 1.1062 and 1.1000.