Following the high, price has declined to make a low at 1.0458 where it found support before retracing. This morning has seen mixed to positive economic data out of Europe ahead of the headline event of German Constitutional approval of the ESM. President Barroso is currently giving his State of the Union speech which is largely having little impact on underlying risk sentiment this morning. The team at Forex Ticket see price moving between 1.046 and 1.0485 over the next new hours and remain receptive to a break of 1.05 during the course of the day.
European Equities are trading higher this morning alongside commodities whilst Spanish and Italian critical yields are largely unmoved this morning.