Forex: EUR/USD with low at 1.2925
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EUR/USD
FXstreet.com (Barcelona) - The EURUSD lost the 1.3000 handle yesterday, as October ended, and the market is now extending the downside as November starts. Ahead of the European session, the low volume (All-Saints Day) favored a rapid fall to 1.2727 low. After a quick bounce to 1.2950, the pair is back on the downside and has already pushed lower, to 1.2925.
The pair is currently stuck at its lows with a light calendar for the European morning ahead of the US ISM manufacturing, jobless claims and consumer confidence. Greece saw its manufacturing PMI easing from 42.1 to 41.0 in October. The same data rose more than expected in Switzerland, from 43.6 to 46.1 (consensus of 44.5). Switzerland retail sales (YoY) eased less than expected, from +6.0% to +5.4% in September (consensus of +4.2%).
UBS analysts are bullish on the EURUSD: "The risk is for more upside in the near-term and a break above 1.3042 would trigger potential test of 1.3172", wrote analyst Gareth Berry, pointing to support at 1.2883 ahead of 1.2802.
The pair is currently stuck at its lows with a light calendar for the European morning ahead of the US ISM manufacturing, jobless claims and consumer confidence. Greece saw its manufacturing PMI easing from 42.1 to 41.0 in October. The same data rose more than expected in Switzerland, from 43.6 to 46.1 (consensus of 44.5). Switzerland retail sales (YoY) eased less than expected, from +6.0% to +5.4% in September (consensus of +4.2%).
UBS analysts are bullish on the EURUSD: "The risk is for more upside in the near-term and a break above 1.3042 would trigger potential test of 1.3172", wrote analyst Gareth Berry, pointing to support at 1.2883 ahead of 1.2802.
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