Time of release: 12/14/2012 10:00 GMT, 5:00 EST
Primary Pair Impact: EURUSD
Expected: 2.2%
Previous: 2.2%
Our Forecast: 2.0% to 2.2%
As the EURUSD makes another failed attempt to push back above the 38.2% Fibonacci retracement from the 2009 high to the 2010 low around 1.3120, the pair appears to be carving a triple-top ahead of the New Year, and the reversal pattern may continue to take shape in the days ahead as the fundamental outlook for the euro-area turns increasingly bleak. In turn, the euro-dollar looks poised to fall back towards the 23.6% Fib around 1.2640-50, and the single currency remains poised to face additional headwinds over the near to medium-term as the region faces a deepening recession.
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