EUR Trading Outlook
The Euro (EUR) the EUR/USD rallied up to 1.3000 closing above the key psychological level as traders sell the USD aggressively ahead of the FOMC and Eurozone fears fail to materialize. EUR/JPY in particular was strong up to Y107.30 and is well positioned to retest recent trend highs at Y108.
The Euro (EUR) the EUR/USD opened lower after Italy’s Monti resignation timeline was announced but the selling was short lived and we have closed New York near the key 1.2950 resistance.
EUR/JPY is struggling to find support and slipped to Y106 before stabilizing. Many traders missed the first leg of the EUR/JPY move higher and are waiting for a dip lower.
The Sterling (GBP) was stronger grinding higher to 1.6100 before running out of steam and settling back to 1.6070.
The support above 1.6000 last week and yesterday has the topside in focus and we could retest the 1.6130 highs from last week and open up the 2012 highs near 1.6300.
Looking ahead, December German ZEW forecast at 012 vs. -15 previously.
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