FXstreet.com (Barcelona) - The EUR/USD is rallying since around the European opening, as it bounced from the Asian decline held at 1.2900 support. Meanwhile, the Italian Prime Minister Monti gave a concerned speech about the Eurozone and its fragmentation. Worried of the potential desintegration of the single market in the EMU, he called for more integration and the need to consolidate June decisions on debt markets.
The market wasn't scared with Monti's comments and grew up to 1.2970, where it capped. The EUR/USD is currently edging higher on the day, at 1.2960 zone. The economic calendar is empty until Fed's Dudley speaks at 12:00 GMT , followed by the NY Empire State manufacturing Index and US retail sales.
“We continue to suspect that the market will struggle to regain 1.3072”, wrote analyst Karen Jones, allowing further upside attempts while under pinned by the 3-month uptrend at 1.2788, such as re-challenging 1.3072 and possibly the 1.3173/77 band (recent high and the Fibonacci retracement/78.6% retracement of the move seen this year).
The market wasn't scared with Monti's comments and grew up to 1.2970, where it capped. The EUR/USD is currently edging higher on the day, at 1.2960 zone. The economic calendar is empty until Fed's Dudley speaks at 12:00 GMT , followed by the NY Empire State manufacturing Index and US retail sales.
“We continue to suspect that the market will struggle to regain 1.3072”, wrote analyst Karen Jones, allowing further upside attempts while under pinned by the 3-month uptrend at 1.2788, such as re-challenging 1.3072 and possibly the 1.3173/77 band (recent high and the Fibonacci retracement/78.6% retracement of the move seen this year).
