Forex Zone (Forex Zone)
Czech markets  |  September 21, 2012 10:05:23

Spain negotiates the salvation

According to information from the Financial Times underway behind the scenes negotiations between Spain and the EU, which should bring a new rescue program for the country and purchase of government bonds by the ECB. Negotiations reportedly Madrid to help build the economic reform program, which should be introduced next week.

According to sources close to the negotiations with the Spanish government and the European Commission focus on the measures that would be required by international lenders as part of the new rescue program and seeks to ensure that was prepared before the rescue Spain officially requests.

Spain still reluctant to ask for help, because he fears that the rescue would come and strict monitoring requirements from the EU. The plan should reportedly focus on structural reforms of the Spanish economy. It is possible that the European Commission will require more austerity measures, Spain to meet budget targets EU, it is expected that existing targets Spain defaults.

As regards developments inthe monitored pair EUR / USD, so that yesterday succumbed to negative sentiment caused by macro news and subdued until the beginning of the American session. After the beginning of the American session to test some support around 1.2925, for which we are warned . After a few hours the market moved sideways around daily and monthly pivot. Since the growth came from here, we tend to release that big players around 1.2950 accumulating long positions.

Today's Asian session continued growth. Today expires option and it may come manipulating prices to big players strike prices. Most offers are 1.2900 and 1.3100 levels, among which we expect margins today.Still we see great potential for high test yesterday's Asian session and Tuesday's session.

Currently the pair EUR / USD traded at 1.2983 price. Below this we see significant price supports of about 1.2945 and about 1.2910 and 1.2865. Above the current market price we see resistance around 1.3020 and about 1.3040 and 1.3090.

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