Forex Zone (Forex Zone)
Markets  |  September 25, 2012 09:57:27

Rescue ends Draghi idea at the European Court of Justice?


German daily Bild brought information that lawyers ECB and German central banks are working to assess whether the new bond purchase program (OMT), which wowed markets Mario Draghi, is not illegal. According to the newspaper lawyers are investigating what amounts of money, the program could spend and how long it might take to infringe EU treaties, especially the prohibition of direct financing of states.

Bild also mentions that the whole thing could end up even the European Court of Justice. Both the ECB and the German Central Bank is probably aware of, so prepare for this eventuality. Today happens to be the head of the ECB Draghi speaks at "Day of German Industry", so we are curious whether this issue in his speech touches. His performance as the most important macro message today. At 19:30 will perform in USA U.S. Treasury Secretary Geithner, whose words may also have a significant impact on the markets.

As regards developments in the monitored pair EUR / USD, so that yesterday brought great opportunities forwe mentioned support. Even when writing yesterday's news, we opened long trade at support around 1.2940, which we soon ended the first resistance 1.2960. The second store lasted much longer. Long at 1.2900, we opened yesterday morning, and profit at 1.2950 we got up during this night.
Yesterday we also stopped short stores opened around 1.3060 and 1.3140. At these levels and the possibility of short-term positions we announced the 14th 9 .

Today's Asian session brought a relatively large range. We expect that the price will want to test the Reviews Support around 1.2865. Short term, the market there is a clear downtrend. Correction from the last price swing high on the daily chart, it is quite decent, and so we are waiting for buyers to enter the market and test prices above. On significant support we want to open long trades. In the afternoon we will be careful in case it would Draghi in his speech, something the markets by surprise.

Currently the market is testing the Asian session low (1.2898). Below this we see significant price supports of about 1.2865 and about 1.2830 and 1.2800. Above the current market price is still perceived goals, which we have repeatedly pointed out and a new target around 1.2930.We see significant resistance around 1.2920 and about 1.2955 and 1.3000.

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