The EUR has gained in early trading this morning and is approaching interesting resistance values again. The Single Currency finished Monday with gains and has not given them back on Tuesday thus far. There will be no major data from Europe today so the EUR is likely to stay very USD centric.
French Industrial Production and the Italian data both came in with negative results showing that the continent remains within the grips of recessionary pressure no matter how much officials claim that all is better. The broad Industrial Production numbers for Europe will be released tomorrow. The most important figures will be published on Friday when Preliminary GDP numbers coming from Germany, France, and Italy.
If the Single Currency can maintain its pace and break through the resistance it is near its next target will be highs made in early January when it traded around 1.3740. Current support ratios for the EUR appear to be around 1.3640 as of this writing.
It should be noted that tomorrow Mario Draghi will give a speech in Brussels tomorrow at the ‘Progress through Crisis’ conference. However, Digital Markets Advisor expects no great surprises from this podium appearance which is likely to be of an ‘academic’ nature.