The EUR/USD currency pair finds itself in a new situation now with the developing fiscal cliff negotiations a news conference is expected to air on Thursday, many traders say that no substantial evolution had been made recently regarding the negotiations between the White House and the G.O.P.
The EUR/USD currency pair awaits the announcement of the sovereign debt headlines, according to many traders there is absolutely no “consistent” progress in fiscal cliff’s evolution, nonetheless a small progress can be sensed “behind closed doors”.
The currency pair is now at the 1.3010 point with many “bears lurking in the den”, this is likely because there is a strong trading sense with corners and edges on all sides and points such as 1.2945 and 1.3000.
Meanwhile in the U.S Republicans and Democrats hold the “true solution” to the single currency pair, nonetheless future profit is announced to be “without consistency” also many marketers find themselves right the middle of this problem “squaring their shoulders” and getting ready for immediate action.
In the mean time in the European area the Euro currency stands on the edge of recovery of its initial plunge to the 1.2945 point, it is in this point where all traders must “wisely defend” the point, because everyone knows that the 1.3080 “pinnacle” is very close.
High = 1.3028
Low = 1.2969
S3 = 1.2894 S2 = 1.2927 S1 = 1.2959
R1 = 1.3035 R2 = 1.3068 R3 = 1.3100