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Forex pairs in this Article » EUR/USD (Barcelona) - The bloc currency has climbed as high as 1.2991 after agency S&P has downgraded Hungary's credit rating to BB from BB+, revising up the country's outlook to 'stable' from 'negative'.

The European Council meeting has ended in Brussels, although the EU leaders have failed to deliver a deal on a budget for the 2014-2020 period. The outcome was somehow expected by the market participants, as seen by the high degree of disagreement among the countries prior to the gathering. The Council, however, has instructed two officials "to continue the work and pursue consultations in the coming weeks to find a consensus".

The euro is now advancing 0.78% against the dollar, at 1.2988
A breakout of 1.3005 (Upper Bollinger) would allow 1.3021 (high Oct.31) and then 1.3023 (high Oct.25).
On the flip side, supports are located at 1.2899 (high Nov.22) then1.2827 (MA21d) and 1.2825 (MA21d).
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