November 11 2013

In the trading room today: Is the EUR Likely to Head Lower after the Bounce? With the EUR managing to bounce higher despite of the drop following the European Central Bank rate cut and a stronger U.S. nonfarm payrolls data, we explore the potential for a continuation of the single currency’s decline after the price correction of its recent losses, we analyze the support and resistance areas in the EUR/USD currency pair, we note the weakness in the GBP/USD pair, we keep an eye on the USD/JPY pair, we highlight the market’s reaction to the Japanese Current Account Balance and Economic Sentiment, we discuss new forecasts from Deutsche Bank  and Bank of New York-Mellon, and prepare for the trading session ahead.