Forex Zone (Forex Zone)
Markets  |  September 17, 2012 10:41:31

ESM should recapitalize Bank of Cyprus


Member of the Board of the European Central Bank Panicos Demetriades the weekend told the German newspaper Handelsbaltt the eurozone bailout fund, the ESM, should directly recapitalize banks Cyprus, starting early next year.

Demetriades, who is also head of the Central Bank of Cyprus said: "It will be very important for us, ESM to directly recapitalize our banks in January 2013." In an interview with German daily also said that the rescue package, which should be approved by the end of October, Cyprus should receive rescue loan from the eurozone and the IMF for a period of five years.

As regards developments in the monitored pair EUR / USD, so that on Friday continued to strengthen. The rally was really strong, so the market virtually nenabídnul chance to enter long trades on return to supportům. After the beginning of the American session price quickly rose about 70 pips, and walked up to the level of 1.3170.Around this level for the first time we have seen for a long time, major retailers to enter the market. Maybe it's the first swallow for profit-taking, which could bring short-term slowdown in growth trend and move into the market. It is still true that it is appropriate when returns to supportům open long trades.

For today, we closely watch how the market is maintained where the test will be Friday's high. As sellers defend this level, so it will be for us a sign that emocinální phase current rally cools. Statistically today is based on the weakening euro, so we may see a test prices below. Targets with high probability we perceive around 1.3070 and 1.3010.

Currently, the currency pair EUR / USD traded at 1.3110 price. Below this level perceive greater support around 1.3080 and about 1.3050 and 1.3015. Above the current market price we see significant resistance around 1.3190 and about 1.3260.

  

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