Serj Panchuk
The Euro Parliament has recently adopted the EU budget for 2011.
Previously some members of the Parliament demanded to expand the article of expenditure by 6%.The EU countries headed by the UK opposed the demand as under the debt crisis all of them would have to reduce their budgetary spending. Finally the compromised: the EU spending increased just by 2.9%.
The Euro currency rate is inclined to decline. Experts from the Department of studying Masterforex-V trading system report the formation of bearish wave a(C )/C from 1.3377. It will be canceled if the price gets over the MF pivot at 1.3295 and the MF sloping channel, terminating the entire wave started at 1.3497.
If the mentioned MF sloping channel and MF pivot stay untouched it will prompt the formation of downward wave c(C ).
Today’s news (Dec 16th-GMT):
08:30 CH - SNB Interest Rate Decision
09:30 GB - Retail Sales, Retail Sales with Auto Fuel
10:00 EU - Core CPI, Eurozone Consumer Price Index (CPI)
13:30 US - Housing Starts, Building Permits, Current Account Balance, Initial Jobless Claims
15:00 US - Philadelphia Fed Manufacturing
Levels of support/resistance:
1.3386 - 61.8% А
1.3352 - 50% А
1.3318 - 38.2% А
1.3291 - 50% а(С) + MF pivot
1.3271 - 38.2% а(С)
1.3238 – the current price
1.3166 - 123.6% а(С) + 61.8%
1.3153 - 161.8% А
1.3141 - 138.2% а(С)
1.3100 - 161.8% а(С) + 188.2% А + 76.4%
1.3035 - 200% а(С) + 88.2%
Serj Panchuk
