Recent events have helped to ease tensions in the Eurozone and that investors expect a favorable outcome to the negotiations around the U.S. fiscal cliff, the Euro continues to rise, now approaching its annual highs.

In announcing the forthcoming establishment of banking supervision, European leaders have rejected the most pressing systemic risk in the Eurozone. Rates of countries in difficulty falling and as a reward, Standard and Poor's raised Athens rating from partial default to B- with a stable outlook to the long term.

On the other side of the Atlantic, the U.S. budget negotiations continue between Democrats and Republicans. But despite the emergence of positive first attempts to compromise, the short time that separates from December 31 could result in a delay of several weeks before the deadline, the time Barack Obama and John Boehner finally able to agree and to adopt the text.

Graphically, the acceleration of course allowed to evolve Euro briefly above USD 1.33 for the first time in nine months before returning below 1.3224. We now anticipate a continued decrease in contact resistance of 1.3130 where we would have the opportunity to engage a long position to target a return to a new level of USD 1.3478 at a mid-term.