Forex: EUR/USD bounces ahead of US consumer sentiment
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EUR/USD
FXstreet.com (Barcelona) - The EURUSD is now seen bouncing back after having fallen below the 1.2700 mark as the market looked for support at the psychological level. The pair continued its weakening process and found a new daily low at 1.2690 as it retraces the gains made in September.
Now with the US data out, the pair consolidates its losses. Import prices rose 0.5% on the month to an annualized turn from -0.5% to +0.4% in October. Export prices didn't change on the month, but also switched from -0.5% to +1.4%. Ahead is the preliminary report of consumer sentiment in November by Reuters/Michigan.
"Current rebound above 1.2718 low is by all means a corrective one and the downtrend from 1.3139 is still intact", wrote Deltastock.com analyst Stoyan Mihaylov, expecting a drop to 1.2650 major support area, while resistance remains at Crucial on the upside remains at 1.2875.
Now with the US data out, the pair consolidates its losses. Import prices rose 0.5% on the month to an annualized turn from -0.5% to +0.4% in October. Export prices didn't change on the month, but also switched from -0.5% to +1.4%. Ahead is the preliminary report of consumer sentiment in November by Reuters/Michigan.
"Current rebound above 1.2718 low is by all means a corrective one and the downtrend from 1.3139 is still intact", wrote Deltastock.com analyst Stoyan Mihaylov, expecting a drop to 1.2650 major support area, while resistance remains at Crucial on the upside remains at 1.2875.
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