Forex Zone (Forex Zone)
Markets  |  October 31, 2012 09:56:11

Greek MPs agreed and agrees to austerity measures

According to news agency Reuters majority agreed with the Greek social deputies vote for austerity measures, which caused a lot of protest and indignation among the population. Parliament, the government must "push" legislation that will bring savings of 13.5 billion euros and the reforms required by the EU and IMF to release more money from the approved rescue package.

Ruling party, now with the support of the socialist party PASOK has a 9 votes more than the required absolute majority in parliament. So we will wait for the vote and in particular on whether the markets to this message will somehow dramatically react.

As regards developments in the monitored pair EUR / USD, so he slowly during the day yesterday to strengthen the important resistance around 1.2970, in which we pointed out that a market "retained". Due to the stock exchanges closed in the U.S., the day took place at low trading volumes. Today's Asian session was held up in an incredibly narrow price range.

In the short term downtrend of the market "switched" to the party mode. Today on the program are extra significant macro news, and so we expect a move to the side. We see significant resistance around 1.3005 and about 1.3020 and 1.3040. Still we see the potential for low test yesterday and Monday's session. Under these objectives are important supports of around 1.2880 and 1.2840.

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