[Archive!] FOREX - Trends, Forecasts & Consequences (Episode 12: February 2012) - page 693
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My view of resistance and support levels
but what amazes me is that people see themselves as part of the forecast, for example Article more or less made a mistake, but not a peep from ..... ))) let's not forget about Tyapnzio - for thrill-seekers the american hockey team will be on fire as usual.
What's the use of those levels. if the eu is going and doesn't notice them.
Don't freak out) everything will be fine, it's Friday!
On Thursday the single currency reached the level of 1,3343 during the European trading. Even before the opening of the European session EUR/USD broke out of its narrow 1.3260-1.3216 range, which was formed over the last two days and dragged other major pairs along with it. EURUSD accelerated to 1.3343 following the release of the IFO report. The IFO publication had a positive effect on the single currency, allowing buyers to clear the zone to 1.3350. The Euro bulls felt confident as they drew additional strength from the EURGBP cross rate rise. Above 1.33 new market participants joined.
From the specified level the pullback started. The pullback was deep, to 1,3269, as the European Commission frightened the Euro bulls, who immediately started to take profits. The European Commission on Thursday published a preliminary assessment of the Eurozone development.
According to the European Commission, the European economy will shrink by 0.3% in 2012 amid recession in Italy and Spain. The EC forecasts Italy's economy to shrink by 1.3% in 2012 against expectations of a 0.1% growth and Spain's economy to grow by 1%. Also the economic growth of Portugal, Germany, Ireland and France was downgraded. The European Commission also raised the inflation forecast for 2012 from 1.7% to 2.1%.
As you can see, after the pullback to 1.3269 and the closing of the European session the pair set a new high of 1.3377. It was a reaction to the news that on Thursday the Greek parliament approved the law on implementation of the 100 billion euro debt forgiveness.
On the daily forecast I have a target around 1,3450. On Friday, according to the hourly chart, I consider the target at 1.3420, but I want to warn right away, there are negative factors that point to a deep pullback. That is that the price is trading at the U3 line and there are three consecutive tops on the AO. This literally EURUSD will draw a divergence and could go to the Lb line at 1.3320. If buying activity is high, the pattern could extend to a double divergence and then go for a pullback. In the European session the GDP reports will be released. Since the European Commission has already painted a gloomy picture for the EU and has revised the economic growth downwards, the negative data should not have a strong impact on the buyers.
So my point is this... That the eu cannot rise on a 100bn bailout for greece when the economy is going down. Anyway, there's some kind of bull trap here. Who needs an expensive eu and an inexpensive quid for now. That's why I'm salting on a regular basis. I'm sure we'll end up flying very low. Only for how long this divorce will last - I don't know.
but what amazes me is that people see themselves as part of the forecast, for example Article more or less made a mistake, but not a peep from ..... ))) let's not forget about Tyapnzio - for thrill-seekers the american hockey team will be on fire as usual.
probably still celebrating )))) all i hope for friday is that there will be some hard drives both ways, like a couple of weeks ago )))))))
Today I am waiting for the news from america by 3 pm, around this time I will enter the market.