FXstreet.com (Barcelona) - The bloc currency remains lateralized in the 1.2960/70 area, still waiting for the outcome of the EcoFin meeting, as lack of direction in the markets is prevailing on Monday.
David Song, Currency Analyst at DailyFX, comments “Nevertheless, as European policy makers pledge to ‘quickly’ implement a short-term solution for Greece, headlines coming from the EU meeting may prop up the single currency over the next 24-hours of trading, and the EUR/USD may take another run… around 1.3120… However, as the euro-dollar struggles to trade back above the 1.3000 figure, the pair could be carving out a lower top ahead of December as the RSI approaches overbought territory”.
EUR/USD is flat at 1.2970 facing the next support at 1.2888 (MA30d) followed by 1.2831 (MA21d) and then 1.2827 (low Nov.22).
On the opposite direction, a breakout of 1.3016 (Upper Bollinger) would expose 1.3021 (high Oct.31) and 1.3023 (high Oct.25).
David Song, Currency Analyst at DailyFX, comments “Nevertheless, as European policy makers pledge to ‘quickly’ implement a short-term solution for Greece, headlines coming from the EU meeting may prop up the single currency over the next 24-hours of trading, and the EUR/USD may take another run… around 1.3120… However, as the euro-dollar struggles to trade back above the 1.3000 figure, the pair could be carving out a lower top ahead of December as the RSI approaches overbought territory”.
EUR/USD is flat at 1.2970 facing the next support at 1.2888 (MA30d) followed by 1.2831 (MA21d) and then 1.2827 (low Nov.22).
On the opposite direction, a breakout of 1.3016 (Upper Bollinger) would expose 1.3021 (high Oct.31) and 1.3023 (high Oct.25).
