Forex: EUR/USD in narrow range despite Stournaras call for growth (Barcelona) - The EUR/USD resumes its trading under a narrow range during the European session, keeping its price above 1.3150 most of the times. EMU and Italy trade balance data didn't have a particular effect on price action nor did Greek Finance Minister Stournaras' statement as he called for growth measures.

Coming ahead is the US NY Empire State Manufacturing Index, likely to improve from -5.22 to -0.50 in December according to consensus. The US markets may also price in Republican Boehner willingness to raise taxes for millionaires from 35% to 39.6% in order to help solving the 2013 budget crisis.

“The break of the 1.3120 and 1.3170 resistance changes the bias to positive and opens the way for a test of 1.3280 and 1.3380”, wrote analyst Stoyan Mihaylov, pointing to critical support at 1.3120.