Forex: EUR/USD bounce fails after Spain auction

FXstreet.com (Barcelona) - The market kept the EUR/USD from further downside at 1.3020 low, after plunging by around 55 pips since early Asian session. The European morning is enabling a bouncing movement, by 15 pips for now.

The economic calendar is practically empty, but Spain released its Q3 GDP, down by -0.4% quarterly and -1.7% yearly. The government sold 6 month bills at an average yield of 2.023% (previously at 2.213%), and 3 month debt at 1.415% (1.203% previously), having a mixed result. The release of the auction results is taking its toll on the EUR/USD price.

“We are more positive than negative – but only just!”, wrote Commerzbank analyst Karen Jones, pointing to the challenge and potential break above 1.3173/80 resistance and support at 1.3000/1.2995.

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