The main attraction of the European economic calendar is the German CPI report, only due at 13:00 GMT. In the meanwhile, investors will keep an eye on the EMU money supply. The annualized Spanish retail sales improved from -11.0% to -9.7% in October, while consensus was pointing to further contraction to -11.5%.
“We note the TD perfection on the daily chart, which yesterday alerted us to the likelihood of failure and today we note that yesterday's price action also constituted a key day reversal”, wrote analyst Karen Jones, pointing to the 55 day ma at 1.2918 as a near term break down point and below here will alleviate immediate topside pressure for a slide back to 1.2799 the 200 day MA en route to the 1.2661 November peak.
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