Forex Zone (Forex Zone)
Czech markets  |  November 29, 2012 10:34:24

Geithner will help in the negotiations?


U.S. Treasury Secretary Geithner will have a busy day today, due to the fiscal cliff. Morning (U.S. time) meets with heads of Democrats and Republicans, then with the bosses. To that Timothy was not enough, lunches and minority leaders of both the U.S. Senate and House of Representatives.

Themselves have to say that the approach of President Obama, who made his minister of finance of some ambassadors, which bypasses the "right" people, is reasonable and can help in the negotiations about the fiscal cliff.

As the biggest current problem is the question whether the tax relief from the time President Bush will end on 31 12th 2012 for all Americans, or just for those who have an annual income of over 250 000 USD. But this is only one of the first "obstacles" on the long road of fiscal consolidation in the U.S..

As regards developments in the monitored pair EUR / USD, So that this afternoon tested below to Reviews Support around 1.2870, which are pointed to. We ourselves were expecting an even bigger move lower, but the market after publication of the U.S. macro news at 16:00 began quite dramatically strengthen and test out of high Asian session, which we are also pointed out.

Today the price has tested above. Currently (10:20) is moving in the resistance around 1.2980. We see potential for a test of interim high. Next we see significant resistance around 1.3020. If this resistance will record the entry of sellers in the market, so open a short trade. Is still perceived potential test prot prices below yesterday's low. We see also a great chance to test today's Asian session low.

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