Forex Zone (Forex Zone)
Czech markets  |  December 14, 2012 09:23:23

EU Heads of State were not as special as finance ministers


While the EU finance ministers have agreed on the first step of a banking union, the leaders of the EU, the ongoing summit, the main decisions on closer fiscal and economic integration postponed.

Most of the talk that the budget proposals for the euro area and binding agreement on economic reforms in the negotiations got very little space and it seems that the leaders divided them back in June of next year.Anyway, the press release from the Summit noted that during the next six months will be made the next significant step in the process of creating a banking Union.

As regards developments in the monitored pair EUR / USD, so he showed yesterday serene peaceful day. Announcement of a large number of macro news from the U.S. market has had minimal impact. We waited so only test Reviews Support around 1.3040, which we pointed out, and which formed near the low of the day.

Today the price of yesterday's tests high and slowly approaches the 1.3120 level. So far we have no evidence that they would have entered into the market vendors, and we will monitor the market around the 1.3130 level, if not enter there.Another possible goal for their input we perceive around 1.3160 ??levels.

Our view is still true that, under the current market price (1.3109) is more likely targets for testing. These add even today's Asian session low. Let's see if today's publication of the macro data from the U.S. at 14:30, will bring to market a significant move.

Let us not forget also that it is Friday and that since the beginning of the week pair EUR / USD only strengthens. We did not witness any significant correction. This really is not healthy, but the market is able to be irrational longer, so we might as well wait and test high swignu from mid-September. For this test we first warned in October.Since it's Friday and the market grew for a week, we would expect at least some choice profits.

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