FXstreet.com (Barcelona) - Capped at 1.2960 high in mid-European morning, the EUR/USD kept retracing its gains from +0.33% to +0.08% on the day, as it trades at 1.2922. The pair weakened following the releases of European data, with higher than expected flash CPI in September, at +2.7% in the Eurozone.
The market is widely expecting the results of the Spanish banks stress test, due at 16:00 GMT. In the meanwhile, the US session will provide consumption expenditure, consumer confidence data and the Chicago PMI.
Commerzbank analysts expect an attempt at recovery after the test of the 200-day moving average, at 1.2825: “It is possible that this correction lower is over and the market will try the topside (favored), however we remain unable to rule out a stab down to the trendline support at 1.2649 prior to recovery”, wrote analyst Karen Jones, expecting good interim resistance at 1.3050 ahead of 1.3150/80.
The market is widely expecting the results of the Spanish banks stress test, due at 16:00 GMT. In the meanwhile, the US session will provide consumption expenditure, consumer confidence data and the Chicago PMI.
Commerzbank analysts expect an attempt at recovery after the test of the 200-day moving average, at 1.2825: “It is possible that this correction lower is over and the market will try the topside (favored), however we remain unable to rule out a stab down to the trendline support at 1.2649 prior to recovery”, wrote analyst Karen Jones, expecting good interim resistance at 1.3050 ahead of 1.3150/80.
