FXstreet.com (Barcelona) - The table tennis match continues as the choppy volatile trading on Friday allows for intermittent rallies and plunges. The 1.3040 area was tested twice, once on the European session and then ahead of the NY opening, but the market fell down on both times.
At this second time, the pair is trying to hold at 1.3000 mark (+0.20% on the day) while headlines coming from Europe continue to be the main market driver along with the technical trading. The German Finance Minister Schaueble said that Spain doesn't need a new aid programme, that Greece has to fulfill the bailout conditions, and the Germany is the biggest loser in a euro break up scenario.
The pair has retraced more than half of the weekly losses, but is still away from the Monday opening of 1.3121. “The Elliott wave count is implying that we will see a deeper pullback near term to 1.2829/1.2700(200 day ma), provided this, together with the 1.2585 uptrend, holds we should have a renewed upside attempt”, wrote analyst Karen Jones, pointing to a directly offered market at 1.3050.
At this second time, the pair is trying to hold at 1.3000 mark (+0.20% on the day) while headlines coming from Europe continue to be the main market driver along with the technical trading. The German Finance Minister Schaueble said that Spain doesn't need a new aid programme, that Greece has to fulfill the bailout conditions, and the Germany is the biggest loser in a euro break up scenario.
The pair has retraced more than half of the weekly losses, but is still away from the Monday opening of 1.3121. “The Elliott wave count is implying that we will see a deeper pullback near term to 1.2829/1.2700(200 day ma), provided this, together with the 1.2585 uptrend, holds we should have a renewed upside attempt”, wrote analyst Karen Jones, pointing to a directly offered market at 1.3050.
