The dollar keeps pace with American statistics these days when Angela Merkel tries to maintain the optimism generated by the ECB when traders are aware of conflicting growth figures in the Eurozone.

Contrary to expectations, France should not fall into recession after the publication of steady growth between April and June, the same as the first quarter. In Germany, GDP grew by 0.3% in the second quarter, against 0.2% expected. On the other hand, the South take the euro zone down as confirmed by the contraction of -0.2% of the economy of the region over the same period, following zero growth in the first quarter, paving the way for a return into recession in the next quarter.

German Chancellor said "do everything possible to keep the common currency", echoing recent comments from Mario Draghi, which triggered a brief euphoria in global markets in late July.

Although such statements do not chase the doubts of investors, including those that accumulate around Greece, they allow the euro to move above USD 1.21 since the beginning of the month. The new Greek Prime Minister Antonis Samaras will meet also with Merkel in Berlin on August 24 and then the next day with Hollande in Paris in the hope of obtaining a relaxation of the conditions imposed in the country.

American side, a series of mixed indicators maintains the wild fluctuations of the parity as speculation about a third quantitative easing intensify or fade. The annual speech of the President of the Federal Reserve in Jackson Hole, scheduled Aug. 31, could also provide more information to the markets about the intentions of the central bank.

Technically, the EUR/USD tends to move horizontally, taking advantage of news poorer than usual and traditionally limited in summer. Favoring the downtrend, any acceleration close to 1.2427 will be an opportunity to take a short position with an objective fixed at USD 1.2259.