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قديم 23-09-2011, 12:46 PM   #21
bbsall7726
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قديم 23-09-2011, 02:38 PM   #22
walid
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افتراضي 23/9/2011 - The current market sentiment

The single currency could rebound versus the greenback following news about recapitalizing 16 mid-sized banks in the debt ailing European countries of which could pass hardly the recent EU banking stress tests in an action targeting the EU struggling backing system after last week ECB'S decision of offering 3 months loans for the European banks in an coordinated action with the Fed, SNB, BOE and BOJ for underpinning the US dollar liquidity into the European banking system for longer time as this has been allowed for just one week by the ECB which can be read as an action of restoring confidence and giving durability of the funds liquidity in this system but in the same time, it can be read easily as a precaution action for saving these banks from what can be worst with having default in Greece as these loans can not be read as a growth stimulating action in this time while cutting interest rate can be the most required suitable action and it can be unavoidable with persisting of the current struggling economic conditions which drove down EU Manufacturing PMI index and services PMI index well below 50 as what we have seen yesterday in the flash reading release of September EU Manufacturing PMI index which has gone lower in the contracting territory to 48.4 while it was expected to be 48.6 from 49 in August and also EU Services PMI flash reading index of September which came down to 49 while it was expected to be above 50 at 51.11 from 51.5 in August.
From another side the single currency could gain with growing ambitious hopes of having new decisions can restore the confidence in the markets from the next G20 meeting during the weekend with the current hopes of having new agreement between Greece and the creditors troika next week after stopping last Tuesday with no ability to come out with a new deal can save Greece from default next month by giving it the next waited 8 billions euros part of its bailing out plan which has been prepared by EU, IMF and ECB.
These new hopes have come to light some of the weights on the single currency which has started this week under pressure following the European Economic and Financial Affairs Council meeting which has come with no results to open this week at 1.3689 after closing last week at 1.3795 and after it could fill this gap by the announcement of Fed's meeting results, it came back under pressure again as the triggered dovish sentiment by the Fed's avoiding again injecting new funding in a form of a new QE3 or hinting to it satisfied with turning $400 billions of its holding of less than 3 years treasuries notes to longer term treasuries driving up the average maturity of its 1.6 trillions of treasuries to 100 months driving the 10 years treasuries notes yields down to new historical low yesterday at 1.72%
while the equities markets participants have not seen the required simulating measures in the Fed's plan which looked as a Fed's restructure plan targeting the bonds market more than the stocks which have come under pressure with a real dovish US assessment by the Fed showing growing downside risks facing the US economy from the financial markets with the current weak labor US market and the pressure on the housing market which lead it to reinvest its holding of $885 Billion in the mortgages back securities again with no cut.
That's beside the hits which have dragged the equities markets down by the worries EU countries credit rating which have increased by S&P downgrading of Italy's short term and long term debt from A+/A-1+ to A/A-1 and also the doubts about the US banking system creditability which have grown by Moody's downgrading of BoA, Citi Group and Wells Fegro last Wednesday which has been backed to the current lower ability of the US Government to support them in the case of having harder financial situation amid the debt crisis in the Euro area and the current slower US growth pace expectations which dampened the commodities and energy prices and the stocks which are depending of them
That's beside the political situation in US which forms another risk as what has been seen of hardness in reaching a political agreement for hiking the US debt ceiling for avoiding bankruptcy last month which shows that having an agreement for financing such big banks or bailing out one of them can face monetary and financial difficulties.
God willing, after EURUSD had broken this week its recent supporting levels at 1.3702, 1.3635, 1.3554, 1.3494 and 1.3424, it can face again supporting level at 1.3384 whereas it could rebound this week and in the case of breaking it, it can face another supporting level at 1.3243 and breaking it can lead to 1.3088 before the psychological level at 1.3 and 1.2873 which has been recorded low of this year on the 10th of last January while the way of ascending can face resisting levels at 1.36, 1.3693, 1.3795 which could not be broken this week too in a dovish price action sign and in the case of breaking it, the pair can meet another resistance at 1.3843 before 1.3935 which has been reached following the ECB's decision to offer US dollars loans for 3 months to the European banks.

Kind Regards
FX Market Strategist
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com
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قديم 30-09-2011, 02:49 PM   #23
walid
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افتراضي 30/9/2011 - The current market sentiment

The rising of Sep EU CPI preliminary reading to 3% while the market was waiting for 2.5% like August can tackle the ECB form taking a direction to lower the interest rate for stimulating growth in EU and giving easier conditions for borrowing euros to the ailing countries of debt.
The ECB always gives attention to this figure and in its recent 2 meeting, it has smoothed its language concerning the inflation upside risks which looked to it well-anchored over the medium term despite being above its 2% yearly target with no signals to the markets of taking a close hiking action since it has hiked the interest rate by 0.25% on 13th of last July which opened the way to the market speculations of having an interest rate cut this year for stimulating growth in EU specially after the release of the flash reading of September EU Manufacturing PMI index which has gone lower in the contracting territory to 48.4 while it was expected to be 48.6 from 49 in August and also EU Services PMI flash reading index of September which came down to 49 while it was expected to be above 50 at 51.11 from 51.5 in August amid worries about the EU banking system creditability.
But after this jump of inflation in EU which has not been seen since October 2008, the market wants to know whether or not the ECB will take the same direction of inflation tolerance of the Fed and BOE despite reaching yearly in August 3.8% in US and 4.5% in UK.
The Markets are waiting cautiously now for what can be resulted from Greece and the creditors' troika negotiations during the weekend after the Greek government could pass new properties taxes this week as a new deal can open the way for saving Greece again from default next month by giving it the next awaited 8 billions euros part of its bailing out plan.
The markets are waiting now from US for the release of July US personal consumption expenditures index to be up monthly by 0.2% from 0.4% in June and July core PCE price index to be up monthly by 0.2% as the same as June and also the release of August personal income to be up monthly by 0.1% from 0.3% in July and also US personal spending of August to be 0.2% from the rising by 0.8% in July which spurred an optimism wave after falling in June to -0.1%.
The markets will be waiting also today for the release of Sep Chicago PMI which is expected to get down to 56 from 56.5 in August and also for the release of Michigan university consuming sentiment survey which is expected to be 57.9 in September from 57.7 in the preliminary reading and 55.7 in August.
God willing, after EURUSD had broken its recent supporting level at 1.3519, it can face new supporting levels in its way down at 1.348, 1.3414 then 1.3362 whereas it could rebound in the beginning of this week and in the case of breaking it, it can face another supporting level at 1.3243 and breaking it can lead to 1.3088 before the psychological level at 1.3 and 1.2873 which has been recorded low of this year on the 10th of last January while its way for getting up can be met by resisting levels at 1.3693, 1.3795 which could not be broken this week too in a dovish price action sign and in the case of breaking it, the pair can meet another resistance at 1.3843 before 1.3935 which has been reached following the ECB's decision to offer US dollars loans for 3 months to the European banks.

Kind Regards
FX Market Strategist
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com
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قديم 07-10-2011, 02:58 PM   #24
walid
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افتراضي 7/10/2011 - The Current Market Sentiment

Improving the risk appetite in the recent few days could help the Canadian dollar to add more gains versus the greenback with rising back of the oil prices after it had been under pressure on increasing worries about the US growth outlook which can effect negatively on the Canadian exports of commodities and oil to US.
From another side, The Canadian dollar has been well-supported too by the strong rising of IVEY PMI to 63.4 in September which followed another strong rising in August to 57.6 after a sudden falling In July to 45.1
The Canadian dollar has been under pressure versus the greenback with the persisting of the European debt crisis which has dampen the market sentiment increasing the demand for the greenback as a safe haven with continued worries about the European banks exposure to the Greek debt leading USDCAD to reach 1.0655 but with rising hopes for recapitalizing the European banking sector by EU and also growing optimism about the US labor market, it has eased back without breaking its previous resistance at 1.0669 but it has found difficulty to get below 1.0364 again which has become supporting level after it has been a resistance before breaking it 29th of September but with the release of September Canadian labor report, it could get below it as the report has shown rising of the Canadian net change employment by 60.9 jobs while the markets were waiting for rising by just 19.5 after falling by 5.5k in August and also decreasing of the Canadian unemployment rate to 7.1% in September while the markets were waiting for 7.3% as the same as August.
God willing, USDCAD can face now in the case of further declining a new supporting level at 1.0142 then the parity psychological level and the breaking of it too can open the way for further falling to 0.9788 again while rising back again can be met with resistance at 1.0669 again then 1.0855 and the breaking of it can lead to 1.1 psychological level and the breaking of it too can lead to another higher resistance at 1.1123
God willing, the market is waiting now for the release of US labor report of September which is expected to show rising of the US non-farm payrolls by 73K after no change in August and the report is expected to show also that the Unemployment rate is still steady at 9.1% as it was in August and also the average hourly earnings rinsing by 1.9% y/y as august with steadiness of the average weekly hours at 34.2
And this report comes after triggered optimism in the markets by the release of Sep US ADP employment index which has come with new 91k while the market was waiting for just 70k from 89k in August and also after yesterday release of US Initial jobless claim which came at 401k while it was forecasted to rise to 411k from 395k a week earlier.

Kind Regards
FX Market Strategist
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com
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قديم 14-10-2011, 06:10 PM   #25
walid
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افتراضي 14/10/2011 - The Current Market Sentiment

The Single currency could get over its previous resistance at 1.3832 versus the greenback after Berlusconi could have the confidence in the Italian parliament and it is now heading to its previous resistance at 1.3935 which has been reached following the ECB's decision to offer US dollars loans for 3 months to the European banks earlier last month and if it could get over it, it is expected to face resistance at 1.4 psychological level before another resistance at 1.4147 by 1.4278 which has been reached by the SNB's action to limit the EURCHF drawing down over 1.2
While its way for getting back down versus the greenback can be met by God's will with supporting level at 1.3684 whereas it could rebound yesterday and breaking it can be followed by other supporting levels at 1.3562 , 1.3359, 1.3232, 1.3144 whereas the pair has started to rebound on the 4th of this month and get below it can face another supporting level at 1.3088 before the psychological level at 1.3 and breaking it can open the way for 1.2873 which has been the recorded low of this year on the 10th of last January.
The single currency could find this week strength, after Merkel and Sarkozy meeting last Sunday which has shown strong appreciation of the need for recapitalizing the European banking sector quickly for protecting it from deterioration in the case of further exacerbation of the debt crisis and this step can make the European banking sector the nearer to Basel 3 agreement which is expected to be implemented in 2019, as the European banks are widely expected to be asked for rising the capital by about 9% in few months and this adding can be by its earnings, the governmental sector or the private sector before asking for EFSF
From another side, the single currency could find support by the Greece creditors' troika statement which has shown a greater possibility of passing the waited 8 billions slice to Greece of its 110 bailing out plan by the EU Fin Ministers.
Kind Regards
FX Market Strategist
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com
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قديم 28-10-2011, 03:22 PM   #26
walid
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افتراضي 28/10/2011 - The Current Market Sentiment

The Japanese yen has found strength in the Asian session to break below 75.70 making a new low at 75.65 because of the falling of Sep unemployment rate to 4.1% while the market was waiting for 4.5% from 5.3% in August and also Sep industrial productions release which has shown declining by 0.4% while the market was waiting for stronger falling by 2.3% after rising in August by 0.4%. keeping greenback trading versus the Japanese yen below 76 despite the intervention threats from BOJ which kept the interest rate unchanged at 0.1% this week predicting this FY GDP to be by 0.3% from 0.4% in last July and next year to be 2.2% from 2.9% previously in last July and concerning 2013, it has predicted its GDP to be 1.5% warning of the risks facing the US economy and the global economy and its impact on the Japanese economy amid the EU debt crisis and Japanese yen strength which did not cap Japanese merchandise total trade balance from making ¥300.4b surplus while the market was waiting for just 198b from 775.3b deficit in August
BOJ has shown also uncertainty about the commodities prices outlook but it expected core CPI to be at 0.0% this FY from 0.7% in July and for next year it has predicted it to be at 0.1% from its previous estimation in last July too at 0.7%.and this was obvious in today data which have shown again prices down side risks and persisting of deflation as Sep Japanese National CPI came at 0.0% y/y while the market was waiting for 0.1% from 0.2% in August and also the core CPI of September came at -0.4% as expected from -0.5% in August with no monthly change from 0.1% in August.
God willing, USDJPY can face now resisting levels at 76.47, 77.07, 77.47, 77.84, 79.05, 80.22, 81.46 then 82.22 while the way down can face by the Japanese intervention in the case of passing the new recorded level today in the Asian session at 75.65 despite the Japanese Fin min Azumi's warning which came last Tuesday that the current Japanese yen exchange rate does not reflect fundamentals as it reflects the traders' speculations.

Kind Regards
FX Market Strategist
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com
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قديم 04-11-2011, 06:15 PM   #27
walid
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افتراضي 4/11/2011 - The current market sentiment

The single currency has retreated back again after failure to break above 1.387 again versus the greenback which is getting support currently from the disagreement around the way of IMF financing of the EU debt amid the G20 meetings in France.
The single currency has been under pressure yesterday by the unexpected decision of the ECB to cut the interest by 0.25% and Draghi's warning of falling in a mild recession at the end of this year but the Greek PM calling off the referendum on the second bailing out plan could help the single currency to get over 1.38 again and it is now trading around 1.373 after the US Labor report release of October which has shown producing 80k jobs out of the farming sector while the market was waiting for 100k with up revision of September reading to 158k from 103k and also with easing of the US unemployment rate to 9% from 9.1% in September and these data came after Oct US ADP had come earlier this week adding 110k while the markets were waiting for 100k revising up September reading to 116k from 91k and even the US Initial jobless claim for the week ending on 29 Oct has come down to 397k from 406 a weak earlier while the market was waiting for 402kwe have seen showing really gradual improving of the US Labor market as the Fed's referred earlier this week again.
By God's will, The markets are waiting now anxiously for the results of confidence voting in the Greek Government and also the joint statement which will be send out after the end of G20 2 days meeting while the single currency way down versus the greenback can meet supporting level at 1.3655 which could hold yesterday after the ECB's interest rate cutting decision and in the case of falling it can meet anther supporting level at 1.3607 whereas it could rebound earlier this week and breaking it can lead to lower supporting levels at 1.3564, 1.3359, 1.3232 then 1.3144 whereas it has begun its recent rebound on 4th of last month reaching 1.4245 last week after the EU summit agreement in Brussels and in the case of ascending back, it can face now resistance again at 1.387 and breaking it can lead to test higher resisting levels at 1.3959 before the psychological level at 1.4 which breaking it can open the way for 1.4199 then 1.4245 again before 1.4279 which has been reached by the SNB's action to limit the EURCHF drawing down over 1.2

Kind Regards
FX Market Strategist
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com
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قديم 11-11-2011, 03:15 AM   #28
walid
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افتراضي 11/11/2011 - The Current Market Sentiment

The Single currency is still trying to hold its gains above 1.36 versus the greenback after it could find support by a well-covered Italian 10 years bonds issuance earlier yesterday at yield average lower than Wednesday new recorded highs since the beginning of adopting the Euro which reached 7.37% while the Italian senates are rushing to vote today on passing new austerities measures which can be followed by Berlusconi's resignation.
From the another side, The worries about the Greek political have eased back too as the position of the new united Greek government PM has gone to Lucas Papademos who was the previous ECB vice president. Papademos can really find acceptance from the European side but it is hard to have more than what Papandreou had from the Greek street to add more austerity measures.
The single currency could gain also yesterday as the ECB has begun this week its second plan of buying covered bond worth 40b euros and this announcement has come with remarks from Knot Kuasa who is the ECB's member heading the Dutch central bank saying that the ECB is doing all what it can and it is not expected to do more than what is has already done for solving the debt problem indicating that the intervention impact is usually temporary and solving the problem is up to the governments.
While the greenback was coming under pressure because of the improving of the investors' risk appetite as the US weekly initial jobless claim has eased in the week ending on 4th Nov to 390k and the market was waiting for 402k showing continued gradual improving of the US labor market after last week data has shown increasing of Oct US ADP to 110k while the markets were waiting for 100k revising up September reading to 116k from 91k and also October US Labor report which has shown decreasing of the US unemployment rate to 9% while the market was expected 9.1% as the same as September producing 80k jobs out of the US farming sector while the market was waiting for 100k with strong up revision of September reading to 158k from 103k.
But this does not object that the single currency is still subjected to further falls as the markets worries about the debt crisis negative impact on the EU countries creditability are still looming driving up the bonds yields of these countries beside the growth downside risks which are facing the Euro area forcing the ECB to adopt easing steps for underpinning liquidity and stimulating the struggling EU economy which can fall in a mild recession at the end of this year as the new ECB president Mario Draghi has warned last week after the ECB decision of cutting the interest rate by 0.25% to be 1.25% despite the inflation annual rate holding at 3% yearly initially in October as the same in September and these down side risks have been materialized obvious recently to the markets participants with the recent release of Oct EU PMI manufacturing index which has fallen to 47.1 from 48.5 in September and also Oct EU PMI services index which has fallen to 46.4 from 48.8 in September shown continuation putting pressure on the single currency.
God willing, EURUSD can face now resistance at 1.387 which hold more than one time in the face of its ascending and breaking it can lead to test higher resisting levels at 1.3959 before the psychological level at 1.4 which breaking it can open the way for 1.4199 then 1.4245 again before 1.4279 which has been reached by the SNB's action to limit the EURCHF drawing down over 1.2 while the way down can be met by supporting level at 1.3483 whereas the pair could rebound yesterday and breaking it can be followed by another supporting level at 1.3359, 1.3232 then 1.3144 whereas it has begun its recent rebound on 4th of last month reaching 1.4245 after the EU summit agreement in Brussels on 27th of last month.

Kind Regards
FX Market Strategist
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com
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قديم 01-12-2011, 05:41 AM   #29
walid
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افتراضي 1/12/2011 - The current market sentiment

The greenback is still under pressure after the central banks action to lower the cost of borrowing US dollars for underpinning the liquidity in the banking systems especially in the EU after the demand for the US Dollar has increased recently hiking the cost of borrowing it amid rising of the governmental bonds yields containing the markets sentiment.
From another side, the greenback came under pressure by the rising of the risk appetite which has been fueled by continued improving of US economic data as Nov ADP Employment rose strongly up to 203k while the market was waiting for just 130k from 110k in October have been revised up too to 116k suggesting better data to come tomorrow with the release of US labor report of November and concerning the housing sector we have seen also a very strong monthly rising of the pending home sales in October by 10.4% while the consensus was referring to another declining by 1.3% following the drop of September by 4.6% showing improving of the demand in the housing market too as the pending home sales is an expressive leading indicator of this sector and also the manufacturing sector in Chicago has shown better than expansion in November as Chicago Manufacturing PMI rose up to 62.6 while the market was forecasting small rising to 58.6 from 58.4 in October and even the US Beige Book release which always comes 2 weeks before the Fed's meeting has come better than October because of the improving of the consuming spending, manufacturing sector performance and the tourism activity and these data came to ensure the improving of the US economic performance recently following the very strong rising figure of Nov US consumers confidence figure to 56 while it was expected to improve to just 44 after a massive falling in October to 39.8 and these data were enough to keep the gains of the US stocks which started yesterday session in the positive territory following the PBOC'S decision of cutting the banking RRR by 0.5% for the first time in 3 years showing greater interest in the growth downside risks facing Chine after Nov HSBS PMI manufacturing index of China has come down to 48 from 51 in October while the inflation pressure has shown easing sings by falling below 6% in October to 5.6%.
While the single currency looked the greater winner of the Fed's action with another major 5 central banks as it lower the pressure on the EU banking system resorting confidence in it showing real coordinating efforts to help it getting over the crisis after this week EU US meeting Between the EU commissioner Jose Barroso and Obama who has said that US is standing ready to take its part ensuring that the greater risk facing the US economy is this crisis in EU.
This action also came in time the markets which did not see certainty in getting over the crisis as the failing of the EU Fin Ministers in Brussels to identify a target of the EFSF looking for further support from the IMF's side.
The Single currency could get over 1.344 which stopped it in the face of the single currency before this week to reach 1.3532 during the US session and by god's will, it can face now in the case of rising up further other resisting levels at 1.3557, 1.3613, 1.3808, 1.387 which pressed down the pair capping its rising many times last moth and breaking it can lead to test higher resisting levels at 1.3959 before the psychological level at 1.4 which breaking it can open the way for 1.4199 then 1.4245 again before 1.4279 which has been reached by the SNB's action to limit the EURCHF drawing down over 1.2 while the way down of this pair can be faced by supporting levels at 1.3271 .1.3211.1.3144 which contained the pair falling from recently and whereas it has begun its recent rebound on 4th of last month reaching 1.4245 after the EU summit agreement in Brussels on 27th of last month and breaking it can open the way to 1.3 psychological level and breaking it can open the way for 1.2873 which has been the recorded low of this year on the 10th of last January.

Kind Regards
FX Market Strategist
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com
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قديم 09-12-2011, 08:54 AM   #30
walid
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افتراضي 9/12/2011 - The current market sentiment

The Single currency is still under pressure versus the greenback after the ECB's interest rate decision of cutting the interest rate by 0.25% to be at its previous all times low at 1% again as it was before April meeting.
The ECB kept its role as funds provider again with no announcement about new buying bonds plans directly which have been aimed by the markets which have seen offering new 3 years loans or lowering the EU reserve banking rate of deposits at its central banks by 50% to be 1% of its assets instead of 2% from the beginning of next year or even cutting the interest rate meanwhile are not enough and can not replace buying bonds directly by the ECB to restore confidence in the EU bonds markets to fall the risk appetite strongly during the ECB's president press conference which focused on the ECB's offering of cheaper money with no reference to direct interventions injecting funds in the EU bonds markets adding that the ECB is forbidden from monetary financing on the current treaty to the governments referring to that the ECB should stick to the treaty spirit and the governments should do too.
Draghi has shown his surprising too by the understanding of his words of "other elements" to be done by the ECB in the face of the crisis, in the case of reaching stronger financial unity amongst the EU countries as a hint of buying more bonds on reaching this has been really done last week when he was addressing in front of the EU parliament while the speculation have increased toward these direction from the germane and French side giving the markets high level of cheeriness by the EU summit.
And now, it's the word of the political and financial authorities after the monetary authority has turned the word to it to reach a new accepted modification of the current agreements between the EU suffering from high levels of debt like Greece and the countries which are funding this debt like Germany.
And in the case of germane bowing to their demands, there can be a bigger financial role of the ECB and the IMF which has announced earlier this week that it's in need for more resources to do as long as Germany is still refusing the idea of united bonds issuance.
But in the case of germane refusal there can be imposed sanctions in a new financial treaty on the EU countries which allows its debt to get over 60% of its GDP or its budget deficit to be more than 3% of it.
But between this and that there can be a reached deal for lowering the bonds yields at least over the short term as a joint demand from the countries in debt and the offering countries which have been negatively impacted recently by the crisis and well- exposed to credit rate lowering as S&P credit rating agency has warned earlier by the EU summit this week.
It is also expected from the summit to identify a greater active role of the IMF intervention even it is to be a last defending line behind the FESF as it has been obvious in the EU Fin ministers' meetings last week which could not find recourses to grantee the 1 trillion which has been announced as a new size of it in the recent summit on 27th of October. So, it's important issue to be discussed too in the summit specially as the lack of details about its funding resource has dampen the market sentiment after that previous summit.
The Single currency has fallen during Draghi's press conference well below its previous supporting level at 1.3332 after failing to continue rising above 1.3458 on the ECB assurance that there is no monetary financing in the EU treaty and God willing, in the case of falling further, there can be consecutive supporting levels at 1.3258, 1.3211 whereas the pair has formed its bottom after falling from 1.4245 which has been reached after the EU summit agreement in Brussels on 27th of last October and breaking it can open the door again for 1.3144 which could contain on 4th of last October the pair falling from 1.4939 and breaking it can open the way for 1.3 psychological level which can be followed by 1.2873 whereas the pair has recorded this year low on the 10th of last January.
While its way up can be met by resisting level now at 1.3458 which capped the pair gains yesterday and this can be followed with another resistance at 1.3546 which has been reached after the Fed's coordinated action to lower the USD cost of borrowing with other five Central banks and the ECB was one of them and breaking 1.3546 can be followed directly by 1.3567 which stands before 1.3613 and breaking it can open the door again to 1.3808 then 1.387 which pressed down the pair capping its rising many times last moth putting technical pressure on the pair and breaking it can lead to test higher resisting levels at 1.3959 before the psychological level at 1.4

Kind Regards
FX Market Strategist
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com
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