Forex Zone (Forex Zone)
Czech markets  |  October 11, 2012 10:04:54

Beige Book flushed reddish graphs


Last night was published in the U.S. called Beige Book, covering the economic activity. Figure brought mixed, but not purely negative. Markets, it took over on their own and graphs with risk assets blushed. For example, the American stock index S & P 500 yesterday showed the largest 3-day loss in the last 10 weeks and approached the level where the last Bernanke announced QE.

Not join the euro yesterdayrating agency S & P downgraded Spain when to BBB-with a negative outlook. Further downgrades may, in terms of the S & P come if support will weaken the euro zone, and also when net government debt rises above 100% of GDP.

As regards developments in the monitored pair EUR / USD, so that yesterday developed according to our expectations between 1.2910 and 1.2840. Today's Asian session showed a relatively large price range and tested again support around 1.2950 to 1.2940. Under this support, we see that they entered into the market shoppers, just like yesterday.

If the re-test lows today and will hit the stop loss under strong support can come larger price movement. In this case we see significant additional support to about 1.2750. Still, we see a medium-term bullish divergence, which recorded growth rates. In the case of the first significant increase perceived resistance of about 1.2900 and about 1.2925 and 1.2960.

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