The European Central Bank is currently strengthening its positions to fortify the Euro-zone countries against a possible default.
ECB representatives say the bank is going to double its stock capital from €5B to €10B by the end of 2012. It is the first time the ECB is going to take such a step since the Euro-zone was founded.
In the meantime, during the EU summit, opened yesterday, the countries agreed to found a special permanent fund for securing the stability of the common European currency. The fund will be allocating money only in case of an actual emergency.
The Euro currency rate has slightly strengthened at Forex in the light of the above-mentioned event. The growth of EUR against USD is taking place within the correction against the bearish wave 1.3497-1.3180. At the Department of studying Masterforex-V trading system they think that getting over the MF pivot at 1.3480 will give way to the formation of bullish wave a(C )/C of the senior timeframe. If the bullish MF pivot at 1.3196 fails to restrain the movement, the currency pair will start developing short downward wave “a(C )/C”.
9:00 GER - IFO Expectations
10:00 EU - Construction Output, Trade Balance
15:00 US - Leading Indicators
Levels of support and resistance:
1.3480 – MF pivot
1.3460 - 88.2% А
1.3423 - 76.4% А
1.3377 - 61.8% А
1.3339 - 50% А
1.3295 – the current price
1.3270 - 38.2% А
1.3253 - 50% А
1.3214 - 76.4% А
1.3197 - 88.2% А + MF pivot
1.3170 - 61.8%
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