Forex Zone (Forex Zone)
Czech markets  |  November 09, 2012 10:07:08

China surpassed expectations

Annual industrial growth accelerated in China during October more than expected. This is now reflected in the positive response of risky assets during this night, after the last few days under selling pressure.

It is a positive sign for both the Chinese and global economy, because even 2 months ago we wrote about the long-term slowdown in the Chinese economy. October's growth thus confirmed the trend of recovery.Anyway, the uncertainty in the global arena will analyst Jiang Chao limit the momentum of recovery. Chao expects this year's performance of industry around 10%.

As regards developments in the monitored pair EUR / USD, so yesterday surprised the low volatility of the U.S. that was published important macro data, ECB interest rates and proclaimed he Draghi press conference. Market tested below to Reviews Support around 1.2730, which for several days watching. This support market "hold", but our analysis shows that we are not yet at the bottom of the current movement below.

During today's Asian session the market strengthened, probably in response to the good macro data from China. Europe, however, once again brings to the market selling appetite. We expect test 1.2700 levels. Since we are in a week weakened enough, it is possible that the afternoon before the weekend is to select the profits of traders short and close back around 1.2750.

In the longer term with us does not change anything. Our outlook is bullish and we see a lot of interesting targets at higher price levels are likely to be tested. Short term, however, we do not see yet aggressive shoppers entry into the market. So we prefer (and we do) short-term long trades on reflections of support, which are below the market.

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