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Forex pairs in this Article » EUR/USD (Barcelona) - Sentiment is improving today on the ECB statement, where it hit 1.2993 high. About the OMT, President Mario Draghi waits for countries to start the process, adding that the programme would create an environment conducive to reforms, but those reforms have to be taken by governments.

After some profit taking, the EURUSD embarked in a new upside attempt on a narrower contraction than expected in US factory orders, by -5.2% (consensus of -5.8%). The pair reached 1.3000 and trades ahead of the release of the September FOMC meeting minutes.

The EURUSD faces strong resistance at the 1.2974 February high, where it falters, and an even tougher one should be at 1.2974/1.3000 area, leaving Commerzbank biased to the downside: "We should see failure here and a retest of trend line support currently at 1.2700", wrote analyst Karen Jones, favoring a scenario in which the pair fails there and targets 1.2605 then 1.2472.
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