After falling steadily since the $ 1.3500, the pair attempts to stabilize after several rebounds from 1.3070-1.3100, where is the moving average of 200 sessions. While equity markets are doing well, with a new annual record for the S & P, another one, and that commodities are going back to higher (including oil, up to a few cents zenith 2010), is quite logical that the Euro found some support. And then, with the help of the Chinese, it is much easier for the euro, while it seems almost assume that the Middle Kingdom or purchaser of securities Portuguese (THANK YOU).
question is whether this will be enough to stop the meeting bearish, because so far all the rebounds were good excuses to go short again. Obviously, this will be true if the rating agencies enjoy the tranquility of sitting still for degrading a new member of the eurozone ... For once they do their job after all!
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| EUR / USD (H4), December 22, 2010 |
The pivot point of the day is materialized in blue. The first major resistance will lie on $ 1.3200 and a violation I will go along, cautiously. The second resistance (calculated from the pivot point) is at 1.3254. Having a resistance chart 1.3265, 1.3250-1.3265 area of my goal would be bullish day. Of course, EUR / USD could bounce back more strongly, but today? ...
Conversely, if ever the market would test the $ 1.3200 before turning back, I think it would be an excellent entry point short with a return expected on the pivot. and potentially a new attempt to break the 1.3070-1.3100. Below, we will support in the 1.3050, then of course the area is extremely strong and significant $ 1.2970-1.3000.
Even today, some key figures will be published. We have everything to mee the U.S. GDP, but it is then the third and final estimate, no great surprise waiting at least a colossal mistake committed by the U.S. intelligence services in previous estimates. The U.S. GDP is expected to +2.8%.
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