Existing home sales report for December beat expectations strongly. Data from the National Association of Realtors showed that existing home sales rose by 5.54 million in December, representing about a 3.6% increase on the month. This came after a drop of nearly 1.7% just the month before.
EUR/USD Settles into a Range
The common currency is clearly seen moving into a sideways range between the 1.1100 and 1.1072 region. We expect this sideways movement to continue into today’s ECB meeting.
A breakout from either of these levels will potentially signal a near term momentum and direction. At the moment, the bias is mixed, but there is a possibility that the EURUSD could break to the downside.
