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FXstreet.com (Barcelona) - Capped at 1.3132 European session high, the EUR/USD started easing back down just ahead of EMU data releases. Business Climate in the Eurozone improved less than the 1.10 expected, from -1.17 to -1.12 in December. Industrial Confidence came in line with consensus, from -15.0 (revised fro -15.1) to -14.4. The Economic Sentiment Indicator rose more than expected, from 85.7 to 85, beating the 86.5 prediction. Services Sentiment also beat consensus, from -11.9 to -9.8, instead of -10.8.

EMU Retail Sales only grew 0.1% (MoM) in November (consensus of 0.3%), but improved the annualized figure more than expected due to a revision of the prior month. From -3.2% (revised from -3.6%), YoY retail sales rebounded to -2.6%, instead of -2.7%. As expected, the Eurozone unemployment rate rose from 11.7% to 11.8% in November.

Despite the overall improvement in the Eurozone indicators today, the EUR/USD is dropped to 1.3115, slightly below flat on Tuesday. "Four-hour chart indicators are pointing higher, in attempt to break into positive territory, however, reversing hourlies, do not rule out further consolidative / corrective action, with 1.3100/1.3088, offering good support and expected to contain"; wrote Windsor Brokers analyst Slobodan Drvenica, pointing to a break of 1.3050 as key to signal the end of near-term corrective phase and bring bears back in play.

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