Currencies  |  March 19, 2013 20:13:43

Euro failed to fill the opening gap and continued to be forfeited


Unlike other currency pairs bound with the euro, with EUR / USD gap fill Monday so far failed.
Gap at the opening of trading amounted to 150 pips correction and subsequent decline halted less than halfway through. At this level also ended with Monday's trading and expectations to resolve the Cyprus problem also started Tuesday's trading, which took place at rest until the afternoon, when reports began to appear that the Cyprus Government and Parliament in turn will not want to accept the wording of the EU and instead submit to a controlled bankruptcy . On the euro weakened substantially again another 50 pips below the lower edge of the previous gap. Boundaries S / R levels are 1.3000 and retreated again.

Latest reports speak of Cypriot rejection of the help offered by the European Union in its present form.
From the perspective of technical analysis course pair finally got to the bottom of the rising channel and we can take it as a confirmed breakdown. In sight to see strong S / R level 1.2700, which will probably be at the current rate of decline, and reached the end of the week. In a surprise denouement of the Cyprus question can help stop the depreciation of the euro and may eventually turn to bullish trend.
Nevertheless, it is currently not attach such importance to macroeconomic data, what belongs to them, I have to mention tomorrow's publication of leading German PPI and especially U.S. interest rate, which is expected unchanged at 0.25%.

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