Forex Zone (Forex Zone)
Czech markets  |  January 25, 2013 09:54:36

After a long time of the first negative news for the euro

Charles Dallara, director of the Institute for International Finance and stepped in Davos said that Cyprus has the potential to ignite the next phase of the euro crisis. According Dallara would rescue uninsured deposits was a precedent that could be used elsewhere, such as in Spain.

Dallara to build on the statement by the EU Commissioner RehnWho stated that Cyprus must significantly reduce government debt and bank debt, before they would be considered for a rescue program. This probably will mean the merger of banks and closing some of them.

This negative news for the euro but not at the current exchange rate has no effect. Yesterday set the tone German PMI index, which was better than expected and the euro strengthened so.

As regards developments in the monitored pair EUR / USD, so that yesterday developed in line with our setup. Yesterday morning, once the price has tested the 1.3300 level, where to market aggressively yet again entered shoppers.The rest of the day and a few strengthened during the U.S. session approached to test 1.3400 levels.

Today, soon after the opening of markets in Europe flick price surpassed the level 1.3400 and thus the high margins the last 10 days. After the puncture is no situation appears that prevents purchasing new lows, and thus prefer the fact that the price of the test above. Major resistance above the current market price (1.3410) 1.3445 perceive around and around 1.3475 and 1.3500. Below the current market price of the perceived major supports of around 1.3400 and about 1.3350 and about 1.3330.

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