Forex Zone (Forex Zone)
Czech markets  |  November 01, 2012 10:28:41

No indulgence for Greece

German daily Sueddeutsche Zeitung yesterday brought the message that international lenders are not interested to write off part of the debt owed ??to them by the Greek Government. German Finance Minister Schaeuble confirmed this attitude creditors during a conference call between the finance ministers of the euro area.

Commissioner Oli Rehnon this topic in an interview said that the euro area is still trying to decide how to reduce the amount of Greek debt. Anyway, Greece will have to approve the new according to Rehn's fiscal package that would provide him with the release of the next tranche of aid from the EU of € 31.5 billion. Approval of this package, according to reports looks promising, as we will inform you yesterday .

As for trading on the monitored pair EUR / USD, so that yesterday tested the resistance around 1.3020, for which we warned. There, on the one hour chart created a beautiful pin bar candle (or shooting star doji), which was a good opportunity to open a short trade.

Pin bar candle has formed on the daily chart. Its low it was punctured, so the potential for another test below is a good price. In force remains our view that there should be a test of the low Tuesday and Monday. Under these objectives are the supports, which we mentioned yesterday. In the test of the above objectives will have to overcome the price supports of around 1.2920 and 1.2905.

If the market mood has changed and prices began to test the above, we see significant resistance around 1.2980 and 1.3020. Change of mood we would expect maybe in the afternoon, where between 2:15 p.m. to 4:00 p.m. will be published in the U.S. more important macro news.

Read also:

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