Forex Zone (Forex Zone)
Czech markets  |  January 15, 2013 09:45:28

Start the recovery in the euro area


Head of the International Monetary Fund (IMF) Christine Lagarde yesterday in an interview for the BBC said it sees "the beginnings of recovery" in the eurozone. Although the euro area is currently in a recession, and measures of individual countries and efforts to stabilize the single currency are starting zúročovat. "It is clear that investors are returning to the euro area and restore confidence in the markets," said Lagarde.

Lagarde also mentioned Greece, which, it will be much better in 2013 than expected, after the "big and massive effort" to reduce spending and the deficit.

When we consider the foundation of the euro area does not seem to us that it would be significantly better than six months ago. In addition, we believe that long-term problem will be relatively high interest rate of the ECB. Anyway, the fact remains that the euro in the last 6 months, significantly strengthened.

As regards developments in the monitored pair EUR / USD, So that yesterday developed according to our expectations and showed the character of the consolidation day. After previous strong uptrend began to develop in the short term the market side. Today's Asian session showed a relatively wide range and the market is still in the range of yesterday.

Today, we'll be waiting to pierce yesterday's high or low, and see if the momentum in the direction of penetration. Meanwhile the market but rather indicates continued movement to the side. Below the current market price (1.3349), we see major supports of around 1.3320 and about 1.3290. Above the current market price we see significant resistance around 1.3410 and about 1.3430.

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