EUR/USD: Eurozone Sentiment Mixed as Services Offset Industrial Weakness

EUR/USD holds steady near 1.0500 as Eurozone economic sentiment data presents a mixed picture. The November economic confidence index edged up to 97.0 from 96.8 previously, meeting market expectations. Services confidence improved notably to 5.7 from 4.0, suggesting resilience in the region's dominant sector. However, industrial confidence deteriorated sharply to -9.3 versus -8.0 expected, highlighting manufacturing sector struggles amid weak global demand. Consumer confidence remained unchanged at -14.2, confirming preliminary readings. The mixed data is unlikely to alter the European Central Bank's current policy trajectory, with markets still pricing in potential rate cuts in 2025. Technical levels show EUR/USD facing resistance at 1.0550, while support remains firm at 1.0470. Traders await upcoming US economic releases for clearer directional cues on the pair.