Germany and China are against US dollar devaluation

Market Leader informed

Previously the US authorities decided to issue $600B aimed at accelerating the pace of the state’s economic growth.

The German Ministry of Finance indicates concerns that US won’t solve its inner problems simultaneously causing inconvenience for other countries. The People’s Bank of China shares Germany’s point of view, urging the world to reconsider the entire global monetary system, however the means are not specified.

In the meantime at Forex the EUR currency rate has formed a downward H4 FZR*.

According to the Department of studying Masterforex-V trading system , at this point the price is completing wave c (C ) of level H4. In order to do that EURUSD needs to get over the defensive MF pivot and to come out of the MF Sloping Channel.

Otherwise the downward movement may be resumed through “the Hound of the Baskervilles by Elder/MF”.

New releases planned for today (Nov 10^th – GMT):

07:45      FR - Manufacturing Production, Industrial Production

07:45      IT - Industrial Production

10:30     GBR - Bank of England Quarterly Inflation Report

13:30     USA - Import Price Index, Jobless claims, Trade Balance

15:30     USA - Crude Oil Inventories

19:00     USA - Monthly Budget Statement

 

 

 

 

Support/Resistance level:

1.3945 – MF pivot + 88.2% + sell limits

1.3882 – MF Sloping Channel + 61.8%

1.3854 - MF Sloping Channel + 50% + sell limits

1.3791 - MF pivot + sell limits + 23.6%

1.3759 – the current price

1.3735 - FZR + buy limits

1.3707 - 111.8% + buy limits

1.3644 - 138.2% + 138.2% + 38.2%

1.3588 - 161.8% + 150%

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H4 FZR = Fractal-Zigzag Reversal of H4 level

 

 

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