European trading has seen the Dollar kept under pressure and EUR/USD is looking to break above 1.29 into the NYK open. Looking ahead, the Federal Holiday for Veterans Day keeps the US event-risk calendar on the light side.
The Bernanke comments in front of the ECB banking conference in Frankfurt (expected around 13:45 GMT) will be closely monitored but with the PBOC's Zhou and the ECB President, Trichet, also due on the rostrum the underlying risk bias remains evenly balanced.
Into the weekend and technicians see the daily & weekly close as key to the longer-term trend. Any weekly close above trend-resistance at 1.2776 will keep the bullish bias on the charts. Currently the price is flirting with the 61.8% Fibo of the 2004 high to the 2005 low (1.3666 December 04 to 1.1641 November 05) at 1.2893.
Technically the price has failed to hold above this level on three separate occasions (May, June & August 2006) so a monthly close above this level will be looked for to add to the bullish bias in the longer-term.
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