Forex Zone (Forex Zone)
Czech markets  |  October 09, 2012 10:22:17

Capital Central Banks arbitrary number

Although yesterday was a holiday in the U.S., and various interesting news came out a few. We were most interested inReport of the International Monetary Fund (IMF). From the available information, we pulled out the following:
  • Reducing global growth in advanced economies from 2.0% to 1.5%
  • The main driver of growth is (we unfortunately) accommodative monetary policy
  • "The risk of serious global slowdown is alarmingly high."
  • In 2013, a 15% probability of a recession in the U.S., 25% in Japan and over 80% in the eurozone.
  • "The capital of central banks is, in many respects, arbitrary number."

Great view, right? Us a bit surprised that institutions such as the IMF is willing to bring to light the reality of the world, in contrast to Mr. Draghi, who will do everything and save the world. Probably should begin to exercise regularly, because of the IMF report, it looks like next year will have much to work.

As regards developments in the monitored pair EUR / USD, so that yesterday developed from our point of view perfectly. On both our mentioned support (1.2970 and 1.2940), we opened a long position. Although during the European session market showed more movement than we expected in the feast day, and the U.S. session was very quiet and offered a profit of one long position.The second we finished this morning.

For today, we see a great chance to test today's Asian session low. Other short-term price development we are able to clearly say. We see a great chance to test yesterday's low, but too high for the test on Friday. As long as the price does not close below strong support around 1.2935 or above major resistance around 1.3005, we expect that the price will move to the side in this trading range. At 9:30 should ascend (super) Mario Draghi, so we'll see whether surprise us and start trendy movement.

In the medium term, we tend to test the above prices.

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