Forex Zone (Forex Zone)
Czech markets  |  August 03, 2012 10:53:06

Super Mario Movers & Shakers

Those readers who follow us regularly, I read yesterday: "For today it is difficult to form any expectations. The publication of the ECB interest rates, we expect calmer trading between 1.2220 and 1.2280. What happens after the publication, and especially after the press conference, Draghi can not be predicted. In all probability can only be expected to dominate a large market volatility. Support and resistance do not mention now, because if a strong market response may well wait for 200 (or more) pipového movement. "

When it was published interest rates in the eurozone and risky assets has responded positively and went uptrendový movement. It lasted well after 14:30, when the press conference started Mario Draghi. Very soon after the Super Mario began to talk and evaluate markets, that his lip at the end of last week will not be supported by concrete actions came výprodejní violent reaction.

Markets thus received this week a dose "of cocaine" and thus more likely to see sales. Fed to come up with another wave of QE, we will in our view, U.S. stock indexes need below. As for the action from the ECB, so that should already start doing something. Required return of the Spanish and Italian bonds are high enough, the ECB intervened and bought them. The problem for the ECB is that it does not have the blessing of the euro area, especially Germany, in order to use the money from the ESFS and / or ESM. We believe that the pressure of markets by several percentage sinks can bring the necessary pressure to the Fed and the ECB really hit.

As for trading on the monitored pair EUR / USD, so it developed yesterday, according to our assumptions (see above). We ourselves took part in several primary uptrend long trades. Such rapid rotation of the trend in the market, however, occurs only rarely, so we have a few long positions retained and conceded a loss. Decline in its market to test the 1.2140 level to "> We have already pointed out on the 30th the 7th

Strong buying from the end of last week are already gone. Currently, we are interested in a strong input dealers, which (no coincidence) played a 50% return from the last Fibonacci price swing on a weekly chart. Our preview is now open and will bear only short trades. In the short term we see the potential for testing today's Asian session low.

Currently the pair EUR / USD traded at 1.2211 price. Above this price, we see significant resistance around 1.2240 and 1.2270 and 1.2300 around.Under the current market price supports of major perceived around 1.2130 and 1.2120 and 1.2055 around.

EUR / USD - Weekly Chart

Read also:

What has up his sleeve Super Mario?


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