FXstreet.com (Barcelona) - The bloc currency is losing ground against the greenback for the second consecutive session so far, ahead of the German Gfk Consumer Confidence Survey for the month of October. Market consensus expects the indicator to remain unchanged at 5.9
Spanish “letras” will put investors’ confidence to the test during the European morning, against a backdrop of decreasing yields as of late. Traders will also expect the meeting between Chancellor A.Merkel and ECB’s M.Draghi, ahead of Draghi’s press conference in the afternoon.
The cross is now losing 0.18% at 1.2907 with the immediate support at 1.2892 (intraday low) ahead of 1.2827 (MA200d) then 1.2815 (low Sep.12) and 1.2790 (MA21d).
On the upside, a breakout of 1.2992 (MA10d) would bring 1.3059 (high Sep.20) then 1.3120 (high Sep.18) and 1.3173 (high Sep.17).
Spanish “letras” will put investors’ confidence to the test during the European morning, against a backdrop of decreasing yields as of late. Traders will also expect the meeting between Chancellor A.Merkel and ECB’s M.Draghi, ahead of Draghi’s press conference in the afternoon.
The cross is now losing 0.18% at 1.2907 with the immediate support at 1.2892 (intraday low) ahead of 1.2827 (MA200d) then 1.2815 (low Sep.12) and 1.2790 (MA21d).
On the upside, a breakout of 1.2992 (MA10d) would bring 1.3059 (high Sep.20) then 1.3120 (high Sep.18) and 1.3173 (high Sep.17).
