EUR Trading Outlook
WTI Crude (OIL) dropped to 90.36, a two month low, as it consolidates earlier gains and moves into completing a two year pennant formation.
The US 500 (SPI), which tracks the top 500 US corporations, dropped to 1507, after touching 1518, in an indication that the Bullish sentiment may continue in US stocks.
Weekly option volatilities for the EURUSD rose slightly from 10.80 to 11.15 as investors’ fear returns and option premiums rise.
Stay in tune throughout the day with foreign exchange bullets!
The Euro (EUR) the EUR/USD broke the key 1.3000 level going into the US session but support was found at 1.2966 and we bounced back above the figure after EUR/JPY soared into the close. The market has been consolidating so far in Asia but the trend is lower and the 200Day moving average is at 1.2850. The situation in Italy is still unresolved and adding uncertainty to the market helping the sellers remain in control.
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