08 November 09:37 AM
The summit of the “Group of Twenty” (G20) was also held on November 4. According to its results, Europe has failed to earn the financial support of developing countries. The heads of the leading countries worldwide have claimed that the reputation of European countries as borrowers has been undermined. This situation provides the right time to buy conservative currencies, especially taking into consideration that they have become considerably cheaper.
Euro rate is currently traded within the flat zone of D2 wave of upper timeframe. According to the Department of Masterforex-V Trading System , provided that the flat zone is left, pivot MF 1.4243 and FZR 1.4246 are passed, the level of 1.4376, which equals to 111% Fibonacci, will provide nearest resistance. Sloping channel MF 1.3607/1.3659 and pivot MF 1.3661 form barriers on the way down. Wave C of H8 level will be the next trend if these barriers are followed by the firmly set FZR at the level of 1.3607. In this case 1.3532 will form nearest support.
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