Forex Zone (Forex Zone)
Czech markets  |  December 07, 2012 09:31:38

Mario's agitated


Yesterday we wrote that in the event of a negative market reaction to the press conference Draghi "expect the continuation of the current movement below the test levels around 1.2990 and about 1.2950". After Mario reported a decrease estimate of growth in the euro area, suggesting a possible decrease in interest rates in 2013, he came the biggest one-day sale last month, which ended almost exactly pip to 1.2950 level.

Thus we saw a healthy correction, which is expected for several days. We see potential for a correction to the level around 1.2800. According to the calendar should now be heard again at 11:00 and at 14:30 Draghi will be published macro data from the U.S. labor market. These events could accelerate current sales. If messages come for the euro neutrally or positively, so for today we expect slower attrition.

Currently (7:43), the price is near yesterday's low, the test is strictly imminent. Target with more likely to test 1.2940 we see on the surface. Under this view we see the first major support around 1.2920. Another important support around 1.2865.As we come to the reasonable price slightly above test, yesterday's drop was after all only very steep. We see a high probability for a test Asian session high today. Above we see the first major resistance around 1.2980.

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