Forex Zone (Forex Zone)
Czech markets  |  November 23, 2012 09:42:33

Turkey, comfort and oddly strong euro


Yesterday, the U.S. celebrated Thanksgiving Day. Exchanges were closed and Forex trading was quiet. Nevertheless EUR against the USD yesterday rose to 3 weeks maximum. It's a little strange when you sum up the EU finance ministers agreed to release funds for Greece, France, the downgrade and the EU argue about the form of the budget for the years 2014-2020. It is enough question marks to the euro thus greatly strengthened.

This now adds a Reuters report that the euro area economy is in November on his way to the weakest quarter since July 2009. Flash PMI index released today by Markit fell to 45.7 from October's 46.0. Companies in the euro area falling orders for the economy and the outlook is not rosy. And we ask, why is the euro so strengthens?

During yesterday we watched a couple of EUR / USD tested the high of 7 11th 2012th and walked up to the resistance around 1.2890, where it came from smaller sale. On both of these bases we announced. Today's Asian session was held in a small price range. Our analysis shows that there is great potential for testing both its high and its low.If the test high, we see significant resistance around 1.2920 and about 1.2935.

Growth in the last days is not considered natural. Rather, I am inclined to think that it is a short extrusion from the market traders who shortovali the decline after the publication of the report, the finance ministers did not approve assistance to Greece. Our current view is that we are waiting for stronger input sellers in the market, low test today's Asian session and weakened at least in the area around 1.2800.

Let's see if today published Ifo index of German at 10:00 folds price. If not, expect a similar day like yesterday - (after) festive peace.

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