Forex
Bearish Trend Continues for EUR/USD Amid Hurricane Closure
The US markets are closed today due to hurricane Sandy's impact on the north-coast. Despite thin trading volume, the EUR/USD pair is showing bearish potential as risk aversion favors dollar gains across the board.
The local share markets and US futures are also down, adding to the bearish sentiment. The main risk event in this session will be Spain's announcement by PM Rajoy at 17:00 pm local time regarding bad banks in the country.
The EUR/USD is currently trading below the 1.2900 mark with a steady gain in bearish momentum, as indicated by the hourly chart. The 20 SMA is heading lower and offering short-term resistance around this level.