Forex Zone (Forex Zone)
Czech markets  |  September 18, 2012 09:51:04

Europe will overcome the crisis in 2020

Member of the Steering Committee and the Austrian central bank chief Ewald Nowotny yesterday in Vienna during his speech said that the decision to provide the ECB with "breathing space" to resolve the crisis. It stated that "the markets reacted positively" to the ECB's decision and that there is now a "positive perspective" even if it is still needed "a lot to do."

The most interesting performances Nowotnyho we find his words about that: "The financial crisis usually lasts five to seven years." Current crisis "will be overcome" in 2020 and "will create the necessary institutions" to achieve this.

As for trading on the monitored pair EUR / USD, so that during yesterday's European session weakened, but after macro news announcement at 14:30 returned near the opening price. After the opening of the American session came to a quick test of Friday's high. Again, we noticed input dealers in the market, and therefore the level around 1.3170 perceive as short-term resistance. The question is, what commitment to these new short traders prove if the price goes against them. They can very quickly leave the market and thus help further increase prices.
Long traders who responded to QE3 entered the market around 1.2900 to 1.2950 and are not yet even under pressure.

For today, we expect a continuation of the consolidation movement. Peaceful trading could disrupt macro reports published at 11:00, 14:30 and 15:00. At lower prices still remain from our perspective interesting targets around 1.3070 and 1.3000. Towards the above will again be a key test of any resistance around 1.3170.

Currently, the currency pair EUR / USD traded at 1.3105 price. Below this we see significant price supports of about 1.3065 and about 1.3030 and 1.2960. Above the current market price we see significant resistance around 1.3145 and about 1.3170 and 1.3200.

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