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Eurozone economic momentum cooled modestly at the end of 2025, with Services PMI finalized at 52.4 in December, down from 53.6 in November. Composite PMI also eased to 51.5 from 52.8.

Performance across countries remained uneven. Spain led the bloc with a composite reading of 55.6, a two-month high. Ireland slipped to 53.6. Germany eased to 51.3, its lowest in four months, Italy fell to 50.3, an eleven-month low, and France hovered at the stagnation threshold at 50.0.

Despite the slowdown, Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said the services sector has now expanded for seven consecutive months and that “the picture looks good” overall. He added that Composite PMI averaged a "visibly higher level" in the final quarter, suggesting GDP growth likely accelerated toward year-end, driven primarily by services. Growth prospects for 2026 improve modestly, with overall expansion seen above 1% but far from robust.

At the same time, rising cost pressures in services remain a key constraint on policy. ECB President Christine Lagarde has stressed close monitoring of services inflation, where higher wages continue to push costs and prices up. That dynamic explains why the ECB has paused further rate cuts.

Full Eurozone PMI services final release here.

Daily Pivots: (S1) 1.1678; (P) 1.1703; (R1) 1.1748; More….

EUR/USD rebounded after drawing support from 55 D EMA (now at 1.1674) and intraday bias is turned neutral. The development suggests that rise from 1.1467 is not completed. Break of 1.1807 will turn bias back to the upside for retesting 1.1917 high. However, break of 1.1658 support will target 1.1467, as corrective pattern from 1.1917 has started the third leg.

In the bigger picture, as long as 55 W EMA (now at 1.1408) holds, up trend from 0.9534 (2022 low) is still in favor to continue. Decisive break of 1.2 key psychological level will carry larger bullish implication. However, sustained trading below 55 W EMA will argue that rise from 0.9534 has completed as a three wave corrective bounce, and keep long term outlook bearish.

Daily Pivots: (S1) 155.91; (P) 156.61; (R1) 157.09; More...

Range trading continues in USD/JPY and intraday bias remains neutral. Outlook will stay bullish as long as 154.33 support holds. On the upside, firm break of 158.85 key structural resistance will be an important medium term bullish sign. Next target will be 161.94 high. However, decisive break of 154.38 will turn bias to the downside for deeper correction.

In the bigger picture, corrective pattern from 161.94 (2024 high) could have completed with three waves at 139.87. Larger up trend from 102.58 (2021 low) could be ready to resume through 161.94 high. Decisive break of 158.85 structural resistance will solidify this bullish case and target 161.94 for confirmation. On the downside, break of 150.90 resistance turned support will dampen this bullish view and extend the corrective range pattern with another falling leg.

Daily Pivots: (S1) 1.3454; (P) 1.3502; (R1) 1.3589; More...

GBP/USD's rally resumed by breaking through 1.3533 and intraday bias is back on the upside. Next target is 1.3787 high. Near term outlook will stay bullish as long as 1.3401 support holds, in case of recovery.

In the bigger picture, current development suggests that fall from 1.3787 is merely a corrective move, and larger rise from 1.0351 (2022 low) is still in progress. Firm break of 1.3787 will target 1.4248 (2021 high) key structural resistance. This will remain the favored case as long as target 38.2% retracement of 1.0351 to 1.3787 at 1.2474 holds, in case of another fall.

Daily Pivots: (S1) 0.7897; (P) 0.7932; (R1) 0.7952; More….

USD/CHF reversed after failing below 0.7986 resistance and intraday bias stays neutral. On the downside, below 0.7900 minor support will turn bias to the downside. Break of 0.7860 will target a retest on 0.7828 low. However, break of 0.7986 will argue that corrective pattern from 0.7828 is still extending with another rising leg already in progress.

In the bigger picture, outlook will stay bearish as long as 0.8332 support turned resistance holds (2023 low). Long term down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382.

Daily Pivots: (S1) 0.6679; (P) 0.6699; (R1) 0.6735; More...

AUD/USD's rally resumed by breaking through 0.6726 and intraday bias is back on the upside. Sustained break of 0.6713 fibonacci level will carry larger bullish implications. Next near term target will be 61.8% projection of 0.5913 to 0.6706 from 0.6420 at 0.6910. For now, risk will stay on the upside as long as 0.6659 support holds, in case of retreat.

In the bigger picture, the break of multi-year falling trend line resistance suggests that rise from 0.5913 is possibly reversing whole down trend from 0.8006 (2021 high). Decisive break of 38.2% retracement of 0.8006 to 0.5913 at 0.6713 will solidify this case, and bring further rally to 61.8% retracement at 0.7206. On the downside, however, firm break of 0.6420 support will suggest rejection by 0.6713 and retain medium term bearishness.

Daily Pivots: (S1) 1.3734; (P) 1.3775; (R1) 1.3814; More...

USD/CAD failed to break through 1.3804 resistance on first attempt and intraday bias stays neutral. On the upside, decisive break of 1.3804 will argue that fall from 1.4139 has completed. Stronger rebound should be seen back to 55 D EMA (now at 1.3857) and above. On the downside, below 1.3699 minor support will turn bias back to the downside. Break of 1.3641 will target 1.3538 low.

In the bigger picture, current development suggests that price actions from 1.4791 is developing into a deeper, larger scale correction. In the less bearish case, it's just correcting the rise from 1.2005 (2021 low). But even so, break of 1.3538 will pave the way to 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365. This will remain the favored case as long as 1.4139 resistance holds, in case of rebound.

Daily Pivots: (S1) 0.9264; (P) 0.9285; (R1) 0.9301; More....

Intraday bias in EUR/CHF stays neutral and more consolidation could be seen. But further fall is expected as long as 0.9315 resistance holds. Firm break of 0.9271 will resume the fall from 0.9394. Next target should be a retest of 0.9178 low. However, firm break of 0.9315 will bring stronger rise back to retest 0.9394 resistance.

In the bigger picture, EUR/CHF has breached long term falling channel resistance as the rebound from 0.9278 extends. Considering bullish convergence condition in W MACD, sustained trading above 55 W EMA (now at 0.9366) will indicate medium term bottoming at 0.9178, and suggests that it's already in larger scale rebound. Further break of 0.9452 resistance will bring stronger medium term rally towards 0.9928 resistance next. Nevertheless, rejection by 55 W EMA will retain bearishness for another fall through 0.9178 at a later stage.

Daily Pivots: (S1) 0.8634; (P) 0.8675; (R1) 0.8695; More…

Intraday bias in EUR/GBP stays on the downside as fall from 0.8863 is in progress. Further fall should be seen to 0.8631 cluster support (38.2% retracement of 0.8221 to 0.8663 at 0.8618). Decisive break there will carry larger bearish implications. For now, risk will stay on the downside as long as 0.8720 support turned resistance holds, in case of recovery.

In the bigger picture, rise from 0.8221 medium term bottom is still seen as a corrective move. Upside should be limited by 61.8% retracement of 0.9267 to 0.8221 at 0.8867. Sustained trading below 55 W EMA (now at 0.8617) should confirm that this corrective bounce has completed. However, decisive break of 0.8867 will suggest that EUR/GBP is already reversing whole decline from 0.9267 (2022 high). That should pave the way back to 0.9267.

Daily Pivots: (S1) 1.7407; (P) 1.7479; (R1) 1.7529; More...

EUR/AUD's fall resumed by breaking through 1.7477 and intraday bias is back on the downside. Fall from 1.8160 is seen as the third leg of the pattern from 1.8554. Deeper decline should be seen to 1.7245 support and below. For now, risk will stay on the downside as long as 1.7614 resistance holds, in case of recovery.

In the bigger picture, as long as 55 W EMA (now at 1.7472) holds, price actions from 1.8554 could still be a correction to rise from 1.5963 only. However, sustained break of the EMA will argue that it's already correcting the whole up trend from 1.4281 (2022 low). In this case, deeper decline would be seen to 38.2% retracement of 1.4281 to 1.8554 at 1.6922.