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Euro / US Dollar (EUR/USD) : Black friday !

11/06/2012 | 08:30am
Opinion : Bullish above USD 1.276
Target price : USD 1.313

As U.S. indices have not benefited from good U.S. employment figures, the Euro falls, while concerns remain about the negotiations in Greece.

In the Eurozone, where the unemployment rate has reached a new record of 11.6%, an agreement between Greece and its creditors for the payment of new aid has not yet been announced while the country risk bankruptcy on November 16. The situation annoys investors are gradually emerging European currency, whereas international leaders draw no lessons from the past and reproduce the same mistakes.

The U.S. currency could mark time in case of re-election of Barack Obama as President of the United States on November 6 while his Republican rival Mitt Romney has expressed reservations about the ultra-accommodative policy of the FED. Finally, the resolution of the Greek case should also help to support the Euro because its backers will, as usual, soon forced to discontinue any suspense by announcing a new in-extremis aid to Greece.

Technically, the Euro returns to the lower bound of its trading range, which will allow us to validate or invalidate the hypothesis of a rebound. A daily close below 1.2760 would mean the end of the upward phase started in early June.

Euro / US Dollar (EUR/USD) : Euro / US Dollar (EUR/USD) : Black friday !
Mathieu Burbau
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