FXstreet.com
(Barcelona) – The EUR/USD is now bouncing from the massive euro selloff
on the ECB’s Draghi, from 1.2907 low to 1.2940 at the moment of
writing, still edging lower on the day by -0.26% (GMT). The market will
be eyeing the Merkel-Samaras meeting in Athens and looking for
headlines.
The CPI inflation report (YoY) in Greece eased from +1.7% to +0.9% in
September, while the harmonized data softened from +1.2% to +0.3%
(consensus of +0.9%). The Public Deficit/GDP ratio in Italy dropped from
8.0% to 2.8% in Q3.
Despite yesterday’s softening, Commerzbank analysts are unable to
rule out a re-challenge of the 1.3173/77 band (recent high and the
Fibonacci retracement/78.6% retracement of the move seen this year), but
favor failure there. “Immediate support is offered by the 6 week
uptrend at 1.2905, this guards the 2 month uptrend and 200 day ma at
1.2824/1.2738 – risk has shifted to the topside very near term however
we expect it to remain fairly tepid”, wrote analyst Karen Jones.
1.2935/37 (-0.25%)
H1.2992 L 1.2907
| S3 | S2 | S1 | R1 | R2 | R3 |
|---|---|---|---|---|---|
| 1.2842 | 1.2875 | 1.2907 | 1.2998 | 1.3030 | 1.3063 |
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