FXstreet.com (Barcelona) - Although declining during Asian hours, the EUR/USD picked up in early Europe, from 1.2944 low to print its daily high at 1.2984 little after. The pair keeps on ranging around a flattening price, but its range is becoming narrower and converging to 1.2965 area.

The US Dallas Fed Manufacturing Business Index disappointed market participants by falling to -2.8 in November, instead of rising from 1.8 to 2.0. Earlier, the US Chicago Fed National Activity Index fell from 0.00 to -0.56 in October, instead of improving to 0.18 as expected. Investors aren't reacting much to these fundamental releases from the US as the main focus remains the Eurogroup meeting and headlines coming from there. “If we do not get consensus from that meeting today,  we expect a bigger retraction for ‘risk.’”, wrote TD Securities analysts.

“For the EUR/USD, 1.30 is the pretty clear topside level to watch today, but above there, the 1.3060/70 area is the neckline to a big head and shoulders reversal on the weekly charts”, they added.