EURUSD dropped yesterday and closed at 1.3587. The single European currency lost ground after speculation that the European Central Bank would take further easing measures to support the economic growth in the Euro area. The Consumer Price Index in the Eurozone rose 0.7 percent on an annual basis in October. Market had expected a 1.1 percent rise. The unemployment rate in the Eurozone remained at 12.2 percent defying analysts call for a 0.2 percent drop. In the United States the Unemployment Claims came almost in line with the market expectations at a reading of 340K. Trading trends of the pair today are expected to be determined by the releases from the United States. Investors are looking forward for the ISM Manufacturing PMI release and the speech of the FOMC Member James Bullard. Support for the EURUSD is seen at 1.3517 and resistance is seen at 1.3659. The HotForex Traders Board shows that 52 percent of the traders are short on the EURUSD.
EURUSD trading lower ahead of the ISM Manufacturing PMI release
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