Forex Zone (Forex Zone)
Czech markets  |  November 20, 2012 10:52:35

Moody's knocks euro even lower?

Moody's yesterday downgraded France from Aaa to Aa1 with a negative outlook. His step Moody's justified the deteriorating economic outlook, loss of competitiveness, structural problems and uncertain resistance to negative shocks. Moody's warned that further reduce the rating if there is a further deterioration in the economic outlook or complications in the implementation of reforms. Financial shocks due to the debt crisis in the euro area may also be a reason for further downgrade.

As regards developments in the monitored pair EUR / USD, so he tested yesterday session high yesterday's Japanese and Japanese high Friday session that eventually reached the resistance area around 1.2830. On all these levels we announced. Around resistance, based on our analysis, entered the market a large number of vendors so we joined them with short trade. Price by the end of yesterday's session held around the resistance, but soon the night fell and we were short trade profitably completed.

Today we see the potential for low test today's Asian session. We'll see if today shed some market participants to react to yesterday's downgrade of France. We see also the potential for one more test levels around 1.2830. Evening will Ben Bernanke, so we may see some surprises and increased volatility.

Currently (9:44) are traded on a price of 1.2802. Above this value we see significant resistance around 1.2830 already mentioned, as well as around 1.2780. Below the current market price of the perceived major supports of around 1.2755 and about 1.2740.

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