Forex Zone (Forex Zone)
Czech markets  |  July 12, 2012 09:59:52

The market is still enough speculators to QE3


Yesterday's FOMC minutes brought the publication of the sales reaction of most risky assets. Vyprodávaly both the American stock indices, currencies and some risk. The currencies are most affected EUR and GBP. At the end of U.S. session witnessed Short Covering Rally, at which intraday shorts collected profits while the market was pushed short traders who sold late in near daily lows.

Sales after the publication of the registration to us indicate that the market is still a large number of speculators who bet that the Fed will do at least more specific indications of a possible QE3. After it did not happen, some of them ended their long positions.

Write mentions that Fed members agree that they will have to do more action in the event that the U.S. economy will lose momentum. It also expressed concern that the U.S. economy could worsen if Congress will turn a flat tax increase budget cuts that have come into force at the end of the year. Members of the Fed expects the economy should grow slightly, but reduced the outlook for growth, due to weaker labor market and slowing consumer spending.In addition, do not expect unemployment to the end of the year has dropped substantially.

As far as we pursued trading EUR / USD, so he formed a symmetrical day yesterday, which showed the balance between buyers and sellers. Following the publication of the FOMC minutes but lost a few sales and created a new annual low near 1.2225 Support to which we warned . Today's Asian session was held in a narrow range and shows to choose from profits from short positions.

Arrive on the market today, several major macro reports from Europe and the USA. At 19:00 should also be a manifestation of the ECB chief Draghi. These events could bring about a change in the perception of the value of EUR / USD. We are still waiting for a significant input of shoppers who do not see yet. Until such time as new shoppers to the market, so we tend to version rather that the market will consolidate around the 1.2200 level.

Currently the pair EUR / USD traded at 1.2220 price. The first significant resistance above this value we perceive around 1.2250 and 1.2270 and 1.2340 around. Below we see the current price around major supports of 1.2200 and 1.2165 and 1.2115 around.

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