EURUSD met the beginning of the current trading week with a price decline.
The reason is the same that provoked the downtrend started on Nov 4th – the bond sales. Moreover, the current situation around EUR is being affected by the Irish crisis. Germany urges Ireland to accept the financial aid for the EU. Today Brussels is hosting a summit, at which the EU finance ministers will be having talks with the Irish government.
Currently at Forex the EUR currency rate is developing a bearish wave of level D1. It will become the reference point for calculating the downward movement objectives.
There is an upward M30 wave. It hasn’t come out of the MF sloping channel yet, so it is too early to consider it a correction against the entire D1 wave.
Today’s news releases:
10:00 EU - ZEW economic expectations index
13:30 USA - PPI
14:00 USA - Net Long-term TIC Flows
14:15 USA - Industrial Production, Capacity Utilization
15:00 USA - NAHB Housing Market Index
1.3836 - 38.2%
1.3731 - 23.6%+ SC + sell limits
1.3744 – MF pivot
1.3615 – the current price
1.3562 - MF pivot
1.3558 - FZR
1.3506 - 111.8%+123.6%
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