Forex: EUR/USD stabilizes around 1.2710

FXstreet.com (Barcelona) - The bloc currency is trading in a narrower range as we head for the last part of the US session on Monday, centering the trade in the 1.2700 mark.

The session continues to be slightly biased towards the risk aversion, as rumours involving the troika and the likelihood that Greece would need more time and funds were jittering the markets. In the meantime, market participants continue to wait for any comment out of the finance ministers’ meeting.

The research team of the Australian bank Westpac assessed “the delay in the decision on Greece’s loan tranche is chipping away at EUR, with Eurozone Q3 GDP likely to add to the gloom. We now doubt the pair will recapture 1.30, seeing risks growing of a substantial decline into year-end”.

The cross is now unchanged at 1.2713 facing the next resistance at 1.2739 (high Nov.12) ahead of 1.2791 (high Nov.9) then 1.2800 (psychological level) and finally 1.2820 (MA200d).
On the downside, a break below 1.2690 (low Nov.9) would aim to 1.2627 (low Sep.7) then 1.2607 (50% of 1.2042-1.3172) and the psychological level at 1.2600.

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