EUR Trading Outlook (27-11-2014)

EUR/USD Europe saw a brief spike above the 200-HMA but the gains were quickly erased as JPY strength drove EUR/JPY from the 147.25 area down near 146.50/55. NY walked in with EUR/USD sitting just off the day’s 1.2443 low. Early NY saw above f/c jobless claims and below f/c personal income & personal consumption. US bond yields and the USD sold off. EUR/USD tested Europe’s high before pausing. More below f/c US data hit yields further. EUR/USD then ran stops above 1.2510 and hit a high of 1.2532. Very little pullback was seen though as JPY weakness emerged to send EUR/JPY towards 147.40/45. Late in the day EUR/USD sat near 1.2515. Action in Asia is likely to be limited but may pick up in Europe. German Nov employment data and EZ Nov consumer confidence are due. If the numbers are upbeat, the recent squeeze may have further to go. The November high is then at risk of breaking. IF cleared it suggests a s-t double bottom is in place and a bigger rally may be due