Forex Zone (Forex Zone)
Markets  |  February 15, 2013 10:08:21

"Salted" G20 Japan?


Today in Russia had begun meeting representatives of the G20. These countries represent 90% of the world economy and how it looks, as the main theme will be forex. Not that teach trading, but will give courses and especially artificial weakening currencies.

Last year in November, the G20 issued a statement in which he declared that the country "refrain from any competitive devaluation of currencies." The biggest thorn in the side for the upcoming meeting is to JapanThat this violated the Convention, if only for the last few months has weakened substantially. But this is high diplomacy, so do not expect the G20 to Japan in any significant deploying.

Important in our view are likely to be manifestations of the participants in the corridors of both the media and shall especially how they react to the market. Most discussions take place on the weekend, so reaction probably comes up on Sunday night after the opening of the markets, or on Monday morning. Already today, but we will be careful.

As regards developments in the monitored pair EUR / USD, So that significantly weakened yesterday morning and went to the support around 1.3320, which we warned on Tuesday. The rest of the day after consolidating in a narrow range between 1.3350 to 1.3320.

During today's Asian session tested price near 1.3400. Currently (8:56), the price is only slightly above the opening price. Today, we'll wait and see if there is a test of yesterday's low. Under it we at support around 1.3270 and 1.3250 inputs considered in long trades. If the price is above test, we will closely monitor the resistance around 1.3410 and 1.3430 to open short trades.

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