EUR / USD. Forecast for November 22, 2012

Written by Tim T.

Yesterday the euro traded in a wide range of 100 points. News agencies as the reason for the volatile unresolved issue of the day is called in Greek debt, but rather a consideration assumed before, so probably there was a speculative struggle: increased growth in the last week of cross-rates EUR / JPY and GBP / JPY pulled behind him and key pair.

In the stock market volumes were low and the expected closing of positions on the eve of our weekend in the U.S. did not happen. Israel and the Palestinians signed a truce, and the data on initial applications for unemployment benefits and the index of business activity in the manufacturing sector in the U.S. came out better than forecast, which also supported the market.
So today is a day off in the U.S. and in Europe - European Union summit, which is expected heated debate on the budget for the 2014-2020 plan years.
Also published today in business sentiment indicator for the euro area in November; PMI Manufacturing France (12:00 MSK) expected 44.1 vs. 43,7, PMI Manufacturing Germany (12:30 MSK) - 48.5 vs. 48,4, PMI Manufacturing eurozone - 45.6 versus 45.4 in October.
Technically, expect the euro after the consolidation of the trend line in the chart four-scale 1.2868. The first goal - resistance 1.2892 on the daily chart, the second - the four-hour chart resistance at 1.2917, followed by 1.2945 and a daily four-hour 1.2970.

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