Forex: EUR/USD treading water at 1.2890/1.2900
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EUR/USD
FXstreet.com (Barcelona) - The bloc currency keeps its rally alive on Friday, orbiting around the region at 1.2890/1.2900 as uncertainties are prevailing among the leaders attending the EU Summit regarding the budget negotiations.
Buoyed by positive data out of the German IFO series and the late improvement in the French business climate, the euro has managed to climb as high as 1.2911 ealier, although losing some ímpetus since then.
According to Derek Halpenny, European Head of Global Markets Research at BTMU, "The euro may temporarily gain further early next week on some kind of agreement but it will not be sustainable".
The cross is posting gains at 1.2892 or 0.05% at the moment, facing resistance at 1.2915 (MA55d) en route to 1.2950 (high Nov.2) and then 1.2983 (high Nov.1).
On the flip side, dips below 1.2827 (MA21d) would open the door to 1.2825 (MA21d) and then 1.2730 (low Nov.19).
Buoyed by positive data out of the German IFO series and the late improvement in the French business climate, the euro has managed to climb as high as 1.2911 ealier, although losing some ímpetus since then.
According to Derek Halpenny, European Head of Global Markets Research at BTMU, "The euro may temporarily gain further early next week on some kind of agreement but it will not be sustainable".
The cross is posting gains at 1.2892 or 0.05% at the moment, facing resistance at 1.2915 (MA55d) en route to 1.2950 (high Nov.2) and then 1.2983 (high Nov.1).
On the flip side, dips below 1.2827 (MA21d) would open the door to 1.2825 (MA21d) and then 1.2730 (low Nov.19).
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