EURUSD dropped on Friday and closed at 1.2001. The Manufacturin PMI in Germany remained unchanged at a reading of 52.1 in December 2014. On the other hand the Manufacturing PMI in the Eurozone dropped to a reading of 50.6 in December. Data released from the United States revealed that the ISM Manufacturing PMI dropped of 55.5. The Final Manufacturing PMI in the US also dropped to a level of 53.9 in December.
Over the weekend fears about a potential Greek exit of the Eurozone if the Greek opposition party Syriza wins the elections in January caused large gaps on the market. EURUSD stops were triggered and the pair hit a 9 year low level dropping to 1.1856.
Investors are now awaiting the German Preliminary CPI data and the speech of the FOMC Member John Williams.
Support for the EURUSD is seen at 1.1869 and resistance is seen at 1.1978.
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