Forex Zone (Forex Zone)
Czech markets  |  September 24, 2012 09:59:58

ESM fund should be increased up to 2 billion euros


German weekly Der Spiegel on Sunday brought the news that the EU bailout fund (ESM) should have two components. The first will (ESFS), which allows you to use public money only risky transactions such as the purchase of Spanish bonds. The second component will be private investors.

If the new ESM approved form, with the same options as lending ESFS, so his options increase to 2 billion euros, without contributing countries had new deposits. Fortunately, in the euro area countries that have savvy and yet are in opposition to the possibility of lending ESM. This is especially Finland, which is particularly reluctant. A bit surprising in our view that the German Finance Minister Wolfgang Schaeuble plan zaúvěrování ESM supports.

As regards developments in the monitored pair EUR / USD, so that on Friday showed truly wild "ride" up, down and right twice. When rapid upswings market twice held the resistance around 1.3040, to whichWe warned. Retailers around 1.3040 were strong, and eventually a few closed near their opening values ??and creating the pin bar.

Low this pin bar today was punctured. It records a further weakening of the EUR / USD. This weakening would, in our view could be up to around 1.2900. The market is currently holds a strong support around 1.2940. Both of these levels is perceived as suitable for open long trades, because above the current market price (1.2942) remain from our perspective interesting targets. First we see around 1.2960 and then at Thursday's session high.

Today at 10:00 will be published important macro data from Germany. They can bring increased volatility and significant price movement. Below the current market price of the perceived major supports of around 1.2900 and about 1.2840. We see significant resistance around 1.3000 and about 1.3020 and 1.3080.

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