Macroeconomic data on Tuesday was not as optimistic as many expected. Number of unemployed in Spain increased by 38.2K while the US PMI fixed at the level of 49.6 against forecasted 50.1. It was 48.8 in July. The American stock market (S&P500) lost 0.12%, the European Stoxx600 fell 1.13%.
Today at 12:30 (GMT +3) the Eurozone will disclose its PMI services index for August. As the analysts expect that the reading will not change and make up 47.5. At 13:00 (GMT +3) we are waiting for retail sales for July. The indicator is supposed to drop 0.2% against 0.1% growth in June.
Taking into account weaker statistics, PMI services index may also be less than anticipated.
Technically, the correction is possible towards coincident trend lines on intraday and 4H time frames. Overcoming of 1.2572 will give a way towards 1.2619.
Yuriy Zaycev is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
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