Forex: EUR/USD extends gains on Greece
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EUR/USD
FXstreet.com (Barcelona) - The market is resuming the upside near the European session close, almost performing a 100-pip range so far, from 1.2886 low to 1.2983 high. Despite the relatively poor data in Europe, with a surprising GDPrecession estimate in Spain and rising unemployment rate in Germany, the European financial markets are edging higher on expectations around the Eurogroup and Greece.
A renewed haircut is on the table, the two year extension of the bailout will be discussed at tomorrow's conference, but seven Euro countries are reticent on giving more aid. Meanwhile, PASOK is looking for more concessions by the November 12th meeting. MNI reported that a EU Juncker's spokesman revealed a possible ¬31.5B tranche may be released to Greece at the November 8 meeting.
"The uptrend has been eroded and attention is on the 1.2803/35 (200 day ma and October low)", wrote Commerzbank analyst Karen Jones, pointing to risks of a drop to 1.2472/33 (61.8% retracement and downside measurement of the top 1.3177-1.2803) in case of a breach below the support.
A renewed haircut is on the table, the two year extension of the bailout will be discussed at tomorrow's conference, but seven Euro countries are reticent on giving more aid. Meanwhile, PASOK is looking for more concessions by the November 12th meeting. MNI reported that a EU Juncker's spokesman revealed a possible ¬31.5B tranche may be released to Greece at the November 8 meeting.
"The uptrend has been eroded and attention is on the 1.2803/35 (200 day ma and October low)", wrote Commerzbank analyst Karen Jones, pointing to risks of a drop to 1.2472/33 (61.8% retracement and downside measurement of the top 1.3177-1.2803) in case of a breach below the support.
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