US Fiscal Cliff helps to push the Euro higher and make a new low on November 2012.
Currently this pair is back at the Mid term congestion zone where a ranging may happen again until break out of the support/resistance by trend line.
Possible range : Possible trading range for next month is somewhere inside 1.280-1.3065.
Fibonacci Retracement : Last Friday this pair is closed right key resistance of the new High-Low, the condition of the next candlestick will determine if this pair can break it or just bounce off the fib. key resistance with a first objective at 1.285 for the next possible ranging trade and extension target at 1.251 if the bearish trend is quite strong.
Important events for next week : Next week I'm expecting an interesting week of trading because we have so many Bank Statements released
- RBA Interest rate decision, BoC Interest rate and Rate statement (Dec 04) - Another EcoFin meeting (Dec 04) - BoE Interest rate decision, ECB Interest rate decision (Dec 06) - ECB Monetary policy statement and press conference (Dec 06) - Plus some GDP and NFP reports