Forex Zone (Forex Zone)
Markets  |  October 18, 2012 09:56:21

Does anyone know more about Spain? 10Y bond yields below 4%

Yesterday, yields on 10-year-old Spanish bonds, after more than six months later, they were below 4%. That anyone in the market to know more about what actually cooks in the kitchen on the EU rescue package for Spain? And it will not have a package, when Spanish officials argue that they do not need it? Today begins the EU summit, which may provide answers to these questions. Anyway, if bond yields fell so, we would expect more announcements of some form of support for Spain.

But the rhetoric of the German Ministry of Finance Schaeubleho can be expected that assistance will be provided and the conditions and possibilities "fitted" into the national budget of Spain.

As for trading on the monitored pair EUR / USD, so that, as expected yesterday tested above. Growth was but from our point of view unconvincing. Shoppers trying to push the price to new high, but had no strength to proper motion. Anyway after every return prices to smaller supportům resisted buying these levels. Greater return rates, which gave us the opportunity to enter the long trade came.

Our current view is virtually the same as yesterday. We still have a strong uptrend. That during today's Asian session weakened, but it might not be as hot. Still we see the potential for test high around 1.3180. The question is whether shoppers grab enough power. We are still waiting for the vendors to enter the market. Sellers are still somewhat shy, so we're waiting on. Anyway, we see great potential for low test today's Asian session.

Currently (9:02), the pair EUR / USD traded at 1.3110 price. Below this we see significant price supports of about 1.3060 and about 1.3025. Above the current market price we see resistance around 1.3200 and about 1.3230.

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