EU Morning Report - EURUSD back above 1.30
By NikolasX | November 30, 2012 7:56 PM EST
The euro (EUR) is rising against most of its major counterparts, as risk sentiment improves. Yesterday, President Obama shared his optimism that a deal with Congress may be achieved by Christmas. On Wednesday the EU Commission President Barroso talked about the 17 eurozone countries to be allowed to integrate quicker and more deeply than the 27 countries euro area at large. This came one day after the eurogroup meeting reached an agreement on Greece.
§ The euro (EUR) is now trading above 1.30 against the US dollar (USD). This is the 4th time the single currency is trying this move in the past 5 trading days, however this time it has recorded a monthly high at 1.3027.
§ OIL rebounded off its 87.00 US dollars (USD) a barrel support level and now trades just below the 88.00 figure. A break above that level could pave the way for higher highs.
§ GOLD (XAU) is rising for a second day after it had dropped from 1741.44 to 1705.63 on Wednesday; a lower low but managed to rebound and now trades above 1728 US dollars (USD) an ounce.
§ The US dollar (USD) rose against the Japanese yen (JPY) and now lies above the 82.00 psychological level. It will be interesting to see whether the pair can rise above the 82.60 resistance today, the last trading day of the month.Stay in tune throughout the day with foreign exchange bullets!
|.||EURUSD||1.2915||LONG @ 1.2915||38% of deals buy EUR|
|.||USDJPY||81.90||LONG @ 81.90||39% of deals buy USD|
|.||GBPUSD||1.5990||LONG @ 1.5990||38% of deals buy GBP|
|.||AUDUSD||1.0420||LONG @ 1.0420||35% of deals buy AUD|
|.||GOLD||1730||SHORT @ 1730||69% of deals buy GOLD|
|.||OIL||86.90||SHORT @ 86.90||83% of deals buy OIL|
|.||EUR||10:00||Unemployment Rate in October||11.7%|
|.||CAD||13:30||GDP m/m in December||0.1%|
|.||USD||13:30||Consumer Spending m/m in November||0.1%|
Gold (XAU) broke through above the 1728 resistance level against the US dollar (USD), today early in the EU session. Market participants should monitor the price action of the precious metal around that level as it may present great opportunities for long risk/reward trades.