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EURUSD testing the 1.3700 level ahead of the Producer Price Index data from the United States

EURUSD dropped yesterday and closed at 1.3752. The Industrial Production in the Eurozone dropped 1.1 percent in October. The European Central Bank indicated in its December monthly report that is very keen on continuing with its accommodative monetary police for a long time, because of the downside risks for the Euro area. The market witnessed mixed data from the United States yesterday, but that didn’t stop the US dollar to gain against its European counterpart.

The Retails Sales in the US rose 0.7 percent month over month in November. The Business Inventories also recorded a 0.7 percent gain. A surprise to the market was the worse than expected Jobless Claims data which increased to 368K during the last week. Investors are now looking forward for the Producer Price Index month over month data due to be released later today.

Support for the EURUSD is seen at 1.3693 and resistance is seen at 1.3804. The HotForex Traders Board shows that 65 percent of the traders are short on the EURUSD.

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