Forex Zone (Forex Zone)
Czech markets  |  August 29, 2012 10:41:29

Merkel in China about liking

German Chancellor Merkel this week was going to visit China during the second half of the year. According to available information, to go with seven Merkel her ministers, in order to be truly full consultation between the two Governments. It is expected that the German delegation will want to consolidate the booming trade ties and also get assurances that China would support eurozone bond redemptions.

Germany, however, will be much more focus on the 12th SeptemberWhen the constitutional court will rule on the ESM (European Stability Mechanism). In the application, the legislation that set up the ESM contrary to the German constitution and the Maastricht Treaty. Arguments are extensive and could succeed in court. In this case, the euro could talk to the fundamental reality from which has its current valuation far.

As regards the actual developments on the monitored pair EUR / USD, so he was surprised yesterday. After breaking low inside candle on the daily chart, we expected more movement to the side and potentially below. But the price has reached a support around 1.2460, in which we announcedAnd then started to grow inside and tested high candles and walked up to resistance around 1.2580, for which we also pointed out . Growth has been relatively strong, but was not accompanied by any macro news. We see it more as a collection traces on both sides of the candle inside.

Currently the pair EUR / USD traded at 1.2548 price. We expect that the price will be tested in the area around 1.2520. There we would expect to spend some time moving to the side. At 14:00, 14:30 and 16:00 will be published important macro data from Germany and the USA. It can bring significant movement and increased volatility. We still perceive higher medium-term potential that the market will test below the 1.2400 level.We see potential above 1.2650 currently. Due to the short-term and medium-term uptrend we want to open shops on long term reflections from important support.

Support below the current price we perceive around 1.2530 and about 1.2506 and 1.2470. Above the current market price we see resistance around 1.2588 and about 1.2610 and 1.2650.

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