EUR acted positively today , on no particular good news. More disagreement among France and Germany is being aired on the news wires. The market continues to expect Spain to ask for a bail-out before Christmas. The Troika this week-end confirmed what was evident in the last two years: Greece needs some forgiveness on its debt in order to even think about any path towards recovery. It did not go down well in the banking circles. I think that Merkel will try to continue to avoid the subject until next years elections.
Last weeks trend-line is being tested as well as the 45 day pivot ( green line). If it stays above, my target is the 1.3050 range.
PP 1.2944, R1 1.30, R2 1.3041, R3 1.3139
S1 1.2905, S2 1.2846, S3 1.2849