Filed Under:
Forex pairs in this Article » EUR/USD (Barcelona) - After spending the European morning plunging from 1.2790 high, the market seems not yet satisfied, aiming at the 1.2700 psychological level. As European investors go for lunch and the US markets prepare to open this week's last session, the EURUSD continues to press down and print new lows on its way to 1.2700, currently at 1.2707.

EU officials confirmed yesterday's reports that the Eurozone finance ministers delayed the decision regarding the ¬31.3B aid tranche to Greece from Nov-12 meeting to late November to get access to Troika's report. They also said Greece will not default in any way on Nov-16, when Treasury bills mature.

Yesterday saw the market trade through the 1.2738 Fibonacci retracement, however we await a close below this level to signal that another leg lower is underway", wrote Commerzbank analyst Karen Jones, pointing to resistance at 1.2881. "We suspect that the 1.2483 target is achievable by the end of this month", Jones added.
comments powered by Disqus