Forex: EUR/USD falls to 1.3222 on European opening and data

FXstreet.com (Barcelona) - Having risen to its highest at 1.3257 after the Asian session close, the EURUSD then plunged strongly to 1.3222 as the European markets open for the last trading day of the week ahead of Democratic and Republican leaders' meeting at the White House today, and the House of Representatives meeting on Sunday. Investors will continue to look for headlines regarding the US fiscal cliff.

Also behind the movement might have been the French GDP data. Q3 killed what was left of economic growth in France, as the annualized GDP Q3 eased from +0.2% (revised from 0.3%) to 0.0%, and the quarterly change was only of +0.1% (Q2 was revised from -0.1% to +0.2%).

"Today, in my opinion, the pair may form a consolidation channel at the current maximums and then continue falling down. However, if the price renews the maximum of this ascending wave, the pair may form "double top" pattern and then start a more serious correction towards the level of 1.3000", wrote Roboforex analyst Igor Sayadov.