The EUR/USD currency pair was unable to “touch” a thin line along with trading improvement. There had been many attempts on the European opening, but clearly all failed at best when reaching the 1.2937 zone also the currency pair returns back to its lows. The daily low was “identified” at the 1.2912 point by the end of the Asian session.
An important event of the European economic calendar is the German C P I report, due today at 13:00 GMT. In the meantime, investors will keep an eye on the EMU money supply.
The Spanish retail sales numbers came out and brought an improved from -11.0% to -9.7% in October, while the cross was pointing to further contraction to -11.5%.
All traders note that the price action also constituted a key day reversal pointing to the 55 day ma at 1.2918 as a near point break down zone and under pressure can be felt for a slide back to 1.2799 the 200 day all the way to the 1.2661 November pinnacle.
High = 1.2947
Low = 1.2912
S3 = 1.2817 S2 = 1.2849 S1 = 1.2881
R1 = 1.2976 R2 = 1.3009 R3 = 1.3041