Forex Zone (Forex Zone)
Czech markets  |  September 11, 2012 10:06:51

The German Constitutional Court can move markets


Today should fall decision of the German Constitutional Court on the ESM. Anyway, we also recorded message that the court may delay the publication of its decision. What decision will eventually be, is an unknown quantity, as well as a reaction to the market that it can bring. If you notice a significant movement in the market, which is going out of the publication of important macro news, so it may be just the reaction to the published decision of the court.

Another big issue is Spain and media speculation that asks for EU assistance. Spanish Prime Minister Rajoy yesterday said in Spanish television, not to make any decisions until you reunite with eurozone finance ministers, who are meeting this Friday. This meeting is to attend Christine Lagarde of the IMF. This meeting could be a first test for Draghi plan to buy bonds. It will be because the finance ministers, who know very well how much his plan individual euro area countries stood. And when it can begin the first insight into the reality of a split with plans Draghi.

As regards developments in the monitored pair EUR / USD, So that today according to our expectations and to consolidate the daily chart created inside the candle. Penetration of candles inside, will be an important event. Technically, we see greater potential for low penetration inside the candle. Even if the price pierces inside candles high, so low is its aim, which is in our view a great chance of being tested.

For today, we would expect that it will continue the movement rather to the side. However, if the publication of the decision of the German Constitutional Court and can come big price movement and on both sides. Significant price movements in the market can bring a publication of the U.S. macro news at 14:30.

In the medium to long term, the test still prefer the prices below. Short and medium term, there is a clear market uptrend. Potential to "break" this uptrend has decision by the German Constitutional Court and Ben Bernanke on Thursday. Until then it is a better strategy to enter long trades when prices return to important supportům.

Currently, the currency pair EUR / USD traded at 1.2802 price. Test high yesterday's candle inside is imminent. If the price breaks through Friday's high and so can continue the current uptrend to resistance around 1.2860 and about 1.2945. Under the current market price perceive greater support around 1.2750 and about 1.2720 and 1.2700.

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