Forex Zone (Forex Zone)
Czech markets  |  February 08, 2013 09:42:50

Stepped into the dealer yesterday?

Yesterday we thought was a great day for the euro. When at 13:45 was published interest rates for the euro area and EUR / USD only slightly weakened, but the market was not much activity. Since the rate remained at the previous level (0.75%) and market participants waited with what comes to Draghi press conference.

He repeated the weak growth outlook and noted that the ECB will follow the euro because the impact will have on inflation. We recently wrote that the euro is not a fundamentally strong economy in the eurozone cards. If the economy starts to slow down and the ECB is not going to worry about inflation, so there is enough space to reduce real interest rates and thus weakening the euro.

We do not know whether the market responded around 14:40 just to the words, but after quite a long time, we noticed input enterprising vendors into the market. The futures contract for the Euro (6E) yesterday traded a very high volume contracts. Today we would have clues about whether the greater part of this volume created shoppers or vendors.

We, we lean more towards the idea that the stronger party vendors were yesterday, so for today we expect further weakness. But we must bear in mind that the market yesterday showed approximately 200 pip range so it is less likely that we would have witnessed a trend the second day in a row. In addition, we approached the 1.3350 level to which we warned yesterday, as the first base for a healthy correction.

Currently (8:45) is a major market around 1.3390 Reviews Support for the market "hold" yesterday. Other significant for today we see supports of 1.3350 around and around 1.3320.Since we are so far more convinced about the power of vendors, we will consider inputs into short trades when prices return to the major resistance we perceive around 1.3460.

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