And Price Action: Addressing the market issues between the Fiscal Cliff and the European Debt Crisis the foreign exchange market has been in a stale mate of consolidating prices. And to top the present market conditions of the depressing prices; the collective strikes in Spain, Portugal, Italy and Greece would add to the economic instability facing them today.
Although, the Euro has already reaffirmed its bearish trend on its technical basis after declining below the 1.2880 levels and finally reaching its first counter-trend support price levels at 1.2660. Which is only 80 pips away from the all important psychological and pivotal price of 1.2580; where a counter-trend would have appeared stronger. Currently, the euro is in a corrective mode @1.2745 & subsequently in line with its Cable counterpart working below the 1.5880 levels have kept its pace alongside with the USDx correction still @81.10 basis point as of this writing. A temporary daily exhaustion bar has occurred that prompted the US dollar to initially correct before any subsequent higher move can be made.
Although, the Euro has already reaffirmed its bearish trend on its technical basis after declining below the 1.2880 levels and finally reaching its first counter-trend support price levels at 1.2660. Which is only 80 pips away from the all important psychological and pivotal price of 1.2580; where a counter-trend would have appeared stronger. Currently, the euro is in a corrective mode @1.2745 & subsequently in line with its Cable counterpart working below the 1.5880 levels have kept its pace alongside with the USDx correction still @81.10 basis point as of this writing. A temporary daily exhaustion bar has occurred that prompted the US dollar to initially correct before any subsequent higher move can be made.
Meanwhile, the USDJPY have reacted more to
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