Forex Zone (Forex Zone)
Czech markets  |  December 10, 2012 10:51:09

Another view of the U.S. economy


Data, which yesterday published the American "social worker", not about the headlines of today's papers. Although they are quite interesting for us to give them space on our server. Published data on the number of new applications for food stamps for September 2012 show that about them recently applied for 607,544 people. Thus, the total number of people in the U.S. using food stamps rose to a record 47.7 million. The September increase in new applicants, the highest since May 2011. Since data are available only for September, it can be expected that due to the effect of storm Sandy numbers will be bad even for October.

And while U.S. stock indices strengthened in the last three weeks by about 5%, so the image of the real economy is not encouraging. More people on state aid certainly does not help reduce the budget deficit the federal government.

As for trading on the monitored pair EUR / USD, so that further weakened on Friday. During European morning market "hold" support around 1.2920, which we pointed out. Prior to announcing the afternoon macro reports the price began to test below and approached very close to the Reviews Support around 1.2865, which we also pointed out. To him but did not reach.Low around our analysis come into strong market shoppers, as confirmed by the fact that the U.S. trading session and finally closed above approximately half of the daily range.

Today is a development from our perspective, yet neutral. Sami still believe in testing Reviews Support around 1.2865. As per the last two days has weakened significantly, so we would expect more development to the side. Anyway, we see a great chance to test today's Asian session high. Still applies also our belief that we will see the test of Friday's Asian session high (although it maybe we will have to wait).

Below the current market price (1.2891), we see significant support around 1.2865 and mentioned around 1.2810. Above the current market price we see significant resistance around 1.2930 and about 1.2985.

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