FXstreet.com (Barcelona) - The EUR/USD reached as low as 1.2916 as it erases October's gains. However, the pair was able to bounce despite the poor German import prices data, followed by weakening confidence figures in France and Italy, and a rising unemployment rate in Spain, to 25% in Q3. The only positiv news came from the GfK survey, pointing to a rise in German consumer confidence, from 5.9 to 6.3 for November.
The EUR/USD has already gone as high as 1.2944. The IMF doesn't expect Greece to meet its debt targets, ECB's Praet says the Euro is irreversible and ECB's Asmussen said the OMT programme won't have inflationary consequences.
“The 200 day ma has been the focus of a lot of attention recently and we would allow for this to hold the initial test”, wrote Commerzbank analyst Karen Jones, claiming the pattern as a potential top rather than a continuation pattern at this stage and that failure at 1.2836 would lead to 1.2738 then 1.2605.
The EUR/USD has already gone as high as 1.2944. The IMF doesn't expect Greece to meet its debt targets, ECB's Praet says the Euro is irreversible and ECB's Asmussen said the OMT programme won't have inflationary consequences.
“The 200 day ma has been the focus of a lot of attention recently and we would allow for this to hold the initial test”, wrote Commerzbank analyst Karen Jones, claiming the pattern as a potential top rather than a continuation pattern at this stage and that failure at 1.2836 would lead to 1.2738 then 1.2605.
