We suspect that some of the support in the Euro this morning is the result of fresh Ebola anxieties in theUS but some addition cushion might be seen off a minimal improvement in private German consumer sentimentreadings overnight. All things considered, consumer sentiment in Germany remains discouraging but perhaps notas bad as the currency trade have been factoring. Another issue that might leave thick resistance hanging overthe Euro today is fear of the EU bank stress tests results on Sunday. While the December Euro might be able torespect consolidation support just under this morning’s lows, we just don’t see the justification for a major bottomand upturn in the Euro right now. In fact, fears of increased Russian and Ukraine tensions into an election thisweekend, provides yet another potential pressure for the Euro ahead.
Technical Outlook: Momentum studies trending lower at mid-range should accelerate a move lower ifsupport levels are taken out. A negative signal for trend short-term was given on a close under the 9-bar movingaverage. It is a slightly negative indicator that the close was under the swing pivot. The next downside objective is125.8675. The next area of resistance is around 126.8250 and 127.1275, while 1st support hits today at 126.1950and below there at 125.8675.