EU Dec Trade Balance n.s.a. decreases to €11.7 vs €13B in Nov.
Feb 15, 2013
ECB’s Draghi: Currency chatter is inappropriate
ECB head Mario Draghi spoke before the G20 officials gathered in Moscow for the two-day summit, saying that the euro was not overvalued and that its exchange rate was in accordance with long-term averages in nominal and real terms.
Commerzbank analysts claim that the EUR/JPY has completed a diamond top on the chart: "These tend to be aggressive reversal patterns and we would expect a slide back to the trendline supports available at 122.84 and the 3 month uptrend at 120.32", wrote analyst Karen Jones, noting that the cross is trading below its 240 minute cloud for the first time in months and this now offers resistance at 124.93/125.04. On the upside, initial resistance is at at 126.25, but downside corrective phase will be maintained while capped by the 127.71 6th February high and 127.93 the April 2010 high. "Below 120.32 will introduce scope to 117.29, the 38.2% retracement of the upmove since November", she concluded.