Euro in correction down or downtrend?

[Femi]

EUR/USD: correction
In the last week the US dollar stopped not only its devaluation, but also clearly recovered. Against the dollar the euro sharply fell back to $1,4670 after attempts of 3rd Dec. to break a resistance at 1.5140 has failed. For dollar rebounce it is needed first of all to increase risk aversion in the finance markets, so in this case the dollar would be demanded as a refugee currency most of all for investors from the US. Besides in this case it could come to closing carry trade. In carry trade, speculative investors took credit in the US dollar or a low-yielding currency. In the case of closing these position, demand for the dollar would be strongly increased. (Commerzbank)

The euro under pressure
The rebounce of the euro against the greenback was nevertheless accelerated on growing concerns about the euro. The Greece's debt downgrade showed that the euro zone and the EU itself face challenge in the financial system. In the new EU members from the Eastern Europe have not solved over-debt problems last months, but decorated it with high credit guaranty. The latest German economical data raised doubt that the economic situation could be recovered. The German new orders and manufacturing production in October unexpectedly fell. (IFC Markets)