EUR/USD Approaches Key Level

December 3, 2014

Yesterday world stock markets closed mainly on the up whereas oil prices dropped. Most of European equity finished trading on the rise in anticipation of the introduction of new economic stimulus measures by the ECB at its meeting this Thursday. Thus, the French CAC 40 grew 0.25 percent up to 4,388.30 points, and the British FTSE 100 advanced 1.29 percent up to 6,742.10 points. As for the German DAX 30, it shed 0.3 percent going down to 9,934.08 points.

On the Russian floors, the MICEX index grew 0.3 percent up to 1,583.12 points while the dollar-based RTS index plunged 3.43 percent down to 925.43 points.

US equity went up thanks to positive corporate reports and reached new highs. The Dow Jones Industrial Average grew 0.58 percent up to 17,879.55 points, the Standard & Poor's 500 gained 0.64 percent up to 2,066.55 points, and the NASDAQ Composite added 0.6 percent finishing the trading session at 4,755.81 points.

On the NYMEX, the price of the WTI oil future fell by $2.12 down to $66.88 a barrel. The ICE price of the Brent oil future dropped by $2 and made $70.54 a barrel.

Yesterday on the global Forex market, EUR/USD went down but still didn’t break out of the correction range. Today, the pair is going down again, having breached the bottom boundary of the correction corridor. If the fall continues, the next target for the pair will be 1.22, which is the bottom line of the weekly triangle the pair has been forming since 2008.

Anna Gorenkova, NordFX Analyst

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