EUR Trading Outlook (18-10-2011)
The Euro (EUR) was hit hard by the German comments with the overbought EUR/USD reversing from 1.3900 to 1.3750. The market was looking for a reason to correct lower after 9 days of steady gains. The market is still expected quite aggressive news from the Summit on the weekend and the price action today is a warning of what will happen if they fail to deliver. Looking ahead, October German ZEW forecast at -45 vs. -43.3 previously.
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