Forex Zone (Forex Zone)
Czech markets  |  August 24, 2012 10:20:09

Germans do not leave anything to chance


According to information from the German daily Financial Times Germany is preparing for the departure of Greece from the euro area more intensively than had been thought. According to the newspaper, the German Ministry of Finance has created a special working group, led by Secretary of State Thomas Steffen. Steffen, who is a member of the CDU, Angela Merkel, the Chancellor is due to this task in close contact. A source from the German Ministry of Finance, said: "Colleagues calculate the financial impact and think over how to prevent a domino effect in other countries in the euro area."

Another interesting news is that Spain is finalizing new legislation that allows the state to intervene in troubled creditor institutions. The legislation will increase the powers of the Spanish central bank in regulating creditors. The new legislation is a response to the new rules, to which Spain is committed within the eurozone rescue package of 100 milliard euros.

As regards developments in the monitored pair EUR / USD yesterday as the expected price range showed less than 2 days prior and more or less consolidated. Strong resistance around 1.2600, to whichwe announced it has acted very well and the market is still moving beneath her. In the medium term we expect prices to test levels around 1.2400.

Due to developments in the U.S. equity indices for AUD and today we lean more to the weakening euro. The market is still in a strong uptrend and it is not a bad strategy to take long term trades when prices return to strong supportům. The perceived level of about 1.2513 and about 1.2500 and 1.2470.

More significant price movement and change of perception could bring macro data that will be released today at 14.30 in the U.S.. As a less likely scenario we see that today is still pushing the weak hands out of the market by directly test the 1.2600 velvet.It is in our view a strong resistance. Other significant resistance around 1.2690 perceive.

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