Forex News & Currency Analysis

The EUR/USD topped out at the 0.764 Fibonacci (1.4993) of the recent sell-off attempt down to the 1.4820 area - a level that was tried twice and forms the important support ahead of the 55-day moving average, which is now around 1.4730 and rising quickly. That 1.4993 level is the shortest term resistance now ahead of the 1.5063 top. The pivot for the week comes in at 1.4925.

The Euro was mixed on Friday after news reports showing that the Eurozone economy pulled out of recession in third quarter was released in the forex market. The analyst’s expectations for the GDP data was for an increase of .5% and the actual number came in less, at around .4%.  However, traders in the Euro were not overly convinced on the data showing the emergence from a year of negative growth.  There are still some concerns in the Euro zone as the German, French and Italian GDP data that make up the overall EU data was less than expected – a troubling sign in three of the Eurozone’s largest economies and the likely reason for the mixed session.

At the close the Euro was trading down .42% against the Japanese Yen to 133.59, down .22% to the British Pound to .8934, down .13% against the Swiss Franc to 1.509, down .63% to the Aussie to 1.597, up .02% against the Canadian Dollar to 1.5672 and down 1% to the New Zealand Dollar to 2.0024.