EUR/USD Oct. 12 – Higher After US Employment Numbers, S&P Downgrade

EUR/USD intraday: the upside prevails. Pivot: 1.2895. Our Preference: LONG positions @ 1.2905 with 1.296 & 1.299 as next targets. Alternative scenario: The downside penetration of 1.2895 will call for 1.2875 & 1.284. Comment: the pair stands above its new support and remains on the upside. EUR/USD Oct. 12 – Higher After US Employment Numbers, S&P Downgrade EUR/USD moved higher after the release of strong US employment numbers, as Unemployment Claims dropped to its lowest level in over two years. The euro was further bolstered by speculation that the Spanish bailout may be closer following the credit rating cut by S&P, which downgraded Spain’s rating to just one notch above junk status. There was some good economic news as well, as Euro-zone Industrial Production came in well above the forecast. Two key releases out of the US later today wrap up the trading week – PPI and the University of Michigan Consumer Sentiment. With all the difficult economic news streaming out of Europe, the EU deserves congratulations as the recipient of the 2012 Nobel Peace Prize for its critical role in uniting the European continent.

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