FXstreet.com (Sydney) - The EUR lost some of its recent gains against the dollar and is now trading at 1.4987. The pair broke the 1.5000 barrier posting an intraday high of 1.5019. The trend is likely to be sideways for the pair, finding resistance at 1.5020 and support at 1.4680.

In Germany, the ZEW Investor Confidence report showed that business confidence dropped for the second month running. Fears that the stimulus package would be eased and rising unemployment tempered expectations of economic growth. Germany, Europe's biggest economy, came out of recession on the back of an €85bn stimulus package and had forecasted growth of 1.2% in 2010 after contracting 5% this year. However, ZEW President Wolfgang Franz said in a statement, investors are signalling that they don't expect strong growth push next year.