Forex Zone (Forex Zone)
Czech markets  |  November 13, 2012 09:56:18

After the election comes the fiscal cliff

Not that it was a novelty. Problem of fiscal cliff has gone to the U.S. months, or perhaps years. Problems in Europe and then in the U.S. elections this topic somehow hid in the background. And since we have had elections in the U.S. and Europe are currently no objects, and destroys property, so the topic of so-called "fiscal cliff" gets in the ranking of popularity in the media above.
Today should lawmakers return to work and have seven weeks to make the planned increases would agree on taxes and savings in the budget. Democrats "extrude" theme for its political campaign for higher taxing the rich and the Republicans counterbalance the fact that this action destroys those who create jobs in the country.
Expect that the "socialist" Barack is in this debate want to hit it and observe how the ongoing debate to evaluate the market.

As for trading on the monitored pair EUR / USD, So that in quiet trading yesterday festive spirit in a very narrow price range. Test under Friday's low came up during today's Asian session and reflection Reviews Support around 1.2670, which we pointed out, brought a profitable short-term long trade.

Market, in our view, is still looking for the bottom and now we are waiting for further test Reviews Support around 1.2650. Next we see support around 1.2615. Since there is a decent market for short-term and medium-term downtrend, so it is good to open short trades when prices return to resistances above the current market price. We see significant resistance around 1.2695 and 1.2725. We ourselves open long and short trades on reflections from significant support.

Today statistically speaking USD to strengthen in the second half of the U.S. session, so for today we expect the weakening euro.

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