Resistance 3: $1.3110
Resistance 2: $1.3000
Resistance 1: $1.2770
Current price: $1.2747
Support 1: $1.2680
Support 2: $1.2530
Support 3: $1.2330
Comments: The euro fell against the dollar before a report that may show investor
confidence in Germany was near a record low this month and on the bets
on ECB interest-rate cuts to support the eurozone economy.
The ZEW
Center for European Economic Research will release its German investor
confidence index at 1000GMT today. The index is expected to stay at -63
in November, the same as last month. The gauge reached an all-time low
of - 63.9 in July.
The pare tested the lower bound of the
continuation triangle
pattern around $1.2670/80 before bounced back. Corrective rise seems
likely in the nearest hours. Closest resistance is session high and
former support $1.2770 ahead of $1.2930/50 (yesterday high, upper
bound of the triangle and 21-DMA). Sustained break above will open the
way to $1.2990/00 and to November 5 high at
$1.3110/20 . October 30 peak $1.3300 (38.2% of the $1.4860
decline) remains pivotal resistance.
Below $1.2670/80 support comes at Nov 4 low $1.2530.October 27 and 28 lows at $1.2330 area remain the key target.