Forex Zone (Forex Zone)
Czech markets  |  October 17, 2012 09:52:20

In Europe, the trouble always finds

In addition to the ongoing U.S. earnings season primarily controlled Presidential campaign. Reports focusing on markets and are not too numerous. But fortunately we have a Europe where the trouble always finds. Yesterday, Moody's confirmed the rating of Spanish government bonds on the degree of Baa3 with a negative outlook. Moody's expects the Spanish budget deficit of 4.5% in 2014 and sees no short-term growth for the Spanish economy. Moody's also said that the euro area and the ECB should encourage the country to have access to capital markets at reasonable interest rates.

As regards developments in the monitored pair EUR / USD, so that during the European session yesterday brought a nice growth and during the U.S. session high price hovered nearby. Market clearly dominated shoppers. In our view, however, some of these shoppers are short traders shutting down their positions.

Today's Asian session was also growth. We prefer the development that could lead to a test of price swing high around 1.3180. Short and medium term, there is a clear market uptrend and so we try to open a short-term long trades when price returns to supportům.We would also open medium short positions, but we are still waiting for a strong entry into the market vendors. So far we can not see. Today, not so much macro news as yesterday, so just be careful in 14:30.

Currently (9:05), the pair EUR / USD traded at 1.3110 price. Below this we see significant price supports of about 1.3055 and about 1.3020 and 1.2980. Above the current market price is only a few significant resistance. First about 1.3140 and about 1.3200 next.

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