EU Morning Report - EURUSD back above 1.30

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By NikolasX | November 30, 2012 7:56 PM EST

Easy Forex

 

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!

 

. Pivot Preference1 Sentiment2
. 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
1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
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Currency Time (GMT) Event Forecast
. 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%
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Movers Shakers
XAUUSD
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.
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