Forex: EUR/USD calmer after EMU confidence

FXstreet.com (Barcelona) - Having rallied to 1.2899 high, one pip away from the 1.2900 mark, the EURUSD eased on profit taking once the clock pointed to 14:00 GMT. Support was found at 1.2868 and bids ahead of the EMU data allowed a rise to 1.2888 temporarily. At the moment of writing, the market trades calmer but with an eye on 1.2900.

The preliminary release of November Consumer Confidence in the Eurozone got to the lowest value since May 2009, disappointing the unchanged consensus by dropping from -25.7 to -26.9.

Both European equities and American futures (US markets are closed for Thanksgiving) are trading higher, Gold rises by 0.22%, at $1731, while WTI crude oil drops by -0.15%, at $87.22.

Commerzbank analysts say that the erosion of the resistance line at 1.2830. implies "a deeper retracement towards the 55 day ma at 1.2908 where we would again look for signs of failure", wrote analyst Karen Jones. But that while the latter caps, the 1.2661 current November low will remain in view.