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Forex pairs in this Article » EUR/USD (Barcelona) - The unexpected rally seen just ahead of the European opening only stopped at 1.2818 high (close to yesterday's high), but wasn't sustainable as the market pulled it back down to 1.2785. The EURUSD has been trading in the 1.2800 surrounding area

In Switzerland, exports (from 16.609B to 18.587B) rose more than imports (from 14.678B to 15.767B), allowing the trade surplus to widen from 1.930B to 2.2821B in October. Earlier, the German Producer Price Index disappointed by easing from 1.7% to 1.5%, with the monthly figure at 0.0%, instead of pointing to 0.1% growth.

Moody's downgraded the French credit rating from Aaa to Aa1 and threatened further downgrades in case of a deteriorating economic outlook and difficulty in implementing reforms. The French Finance Minister defended that such downgrade doesn't change the country's economic fundamental's and government's reforms, adding his disagreement about the banking sector view.

"Current structure below 1.2820 high is corrective in nature, so my intraday outlook is bullish, for a rise towards 1.2888 resistance area", wrote analyst Stoyan Mihaylov.
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