Currencies  |  April 16, 2013 20:49:50

Czech koruna against the euro strengthens

Currency pair EUR / CZK has long been moving in an upward trend since early February, when the price of a pair rebounded from the bottom edge of the triangular formation, the euro adds to his account further gains. And despite the constant problems of individual, particularly the smaller ones, the European states.
A week ago, a pair of exchange rate reached the upper limit, while the S / R level to the value of 25,900.
Fundamentally helped to crown the current favorable rating of the Czech economy and the prediction of its future growth.

In terms of macroeconomic data, the euro is now quite successful, only the most important indicator disappointed and quite significantly. German analysts and investors have expressed against the euro and their contribution to economic sentiment index fell instead of the expected 41.5 to 36.3.
These circumstances prompted the currency pair EUR / CZK a slight decline. It is strange that a bad view of economic data did not support the euro also fall on a pair of the dollar. But there may be a slight inertia with regard to the opening of the U.S. session. Very little mention of the just-forming Pinbar formation on hourly chart of EUR / USD.
If the currency pair EUR / CZK retains its local bearish trend, the price can get within a few days up to S / R level to the value of 25,670, or puncture the bottom edge of the triangle to 25,500.

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