Forex Zone (Forex Zone)
Czech markets  |  October 22, 2012 10:36:50

Weird financial machinations or serious business?


The weekend ran the German weekly Der Spiegel information that the German Ministry of Finance is preparing a program to buy Greek bonds on the secondary market. According to the weekly would Greece could borrow money from the fund ESM, shopped for them to its own debt. According to information from the Greek bonds are now trading at 25% of its nominal value. So as buying bonds for 10 billion would reduce Greece's debt by 40 billion euros. In the first place, but such a deal would have to agree with existing bondholders, that they are willing to sell under these conditions.
We do not know about you, but it reminds us only strange financial machinations. Let's see how this will develop.

As regards developments in the monitored pair EUR / USD, so that on Friday during the European session slowly gradually weakened. Crucial moment came with the publication of U.S. macro news at 16:00, at which we announced. The response to him was clearly selling price and the decline came to Reviews Support around 1.3020, which we pointed out.

Today's Asian session showed growth, but sellers on Friday, yet seem to have the upper hand. It records the test prices below. For today, we see a high probability for low test current Asian session. If this happens, the next milestone to test regardless of our lying around 1.3000 and 1.2980. In the medium term, however, our view is still bullish. It is true that we see a great chance to test high Friday's Asian session and test plate 1.3100. From a longer time perspective remains in play test swing high on the daily chart around 1.3180.

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