| EUR/USD intraday: key ST resistance at 1.3 |
Pivot: 1.3000.
Our Preference: SHORT positions @ 1.299 with 1.292 & 1.2885 in sight. Alternative scenario: The upside breakout of 1.3 will open the way to 1.3045 & 1.307. Comment: the pair remains under pressure and is challenging its support. |
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Euro/dollar corrected some of the huge gains following the announcement of QE3. Both Greece and Spain are in the limelight, as uncertainty prevails. Spain will have an opportunity to ask for aid when it presents its budget. In addition, a speech by Draghi, an important German survey and Italian bond auction are among the big events awaiting markets.
Tensions within Spain are growing after Spanish PM gave a clear negative answer to requests for a new fiscal pact with Catalonia. The rich region is set to accelerate its moves towards secession from Spain, in a not-so-favorable timing for the country. In Greece, the troika took a break after reporting progress. This seems like a repeat of the previous round, that ended in a revolving door exercise from the ECB to buy time. In the US, figures remain mediocre, implying the QE3 could indeed be QE-infinity.
Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
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