The EUR/USD is bouncing off its overnight low and the market focus is now on U.S. nonfarm payrolls data due out later in the global day, as well as any developments on the fiscal cliff, says HiFX Senior Trader Stuart Ive. "It's all gone quiet on the U.S. fiscal cliff (negotiations) in the last 24 hours...For all intents and purposes Obama is still on the campaign trail for" a solution. Overnight all the EUR/USD did was hit the downside of "its current uptrend," Ive says, adding he believes the pair is unlikely to break out of this uptrend. The pair is at 1.2960. Ive puts support around 1.2900 to 1.2950, with resistance at 1.3050.
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