Yuriy Ukazkin
Forex news, Euro rate. Common European currency has risen against dollar, and, as a result, Euro/dollar is traded at the point of $1.28. Potential rise amounts to $1.29.
However, the rate may currently encounter resistance at the point of 1.2820 or 38.20% of Fibonacci.
Yesterday evening it was informed about the change of consumer credit in the USA during November, which has shown the increase by 9.9% annually, having risen by 20,370 mln US dollars after the rise by 6,020 mln in October (consensus of market amounted to $ 7.1 bln.).
This largest increase of consumer credit since November 2001 shows growing expenditures and lower dollar rate in the USA (unlike Europe).
Current macroeconomic calendar is rather weak; therefore, investors will pay major attention to the actions of politicians.
US Finance Minister Timothy Geithner is going to start a two-day visit to China. The main topics that are going to be discussed with Chinese government include sanctions against Iran and condition of global economy; however, Geithner will probable never miss an occasion to push China to rising the rate of yuan.
The special meeting of Swiss National Bank is going to be held today as a result of yesterday’s resign of the President of Central Bank Philipp Hildebrand.
On a temporary basis, the bank will be headed by former vice-president Thomas Giordani, and the new head of SNB is to be elected as soon as possible. The minimal rate of EUR/CHF remains unchanged at the point of 1.20.
Today it has also been announced about the meeting of German Chancellor Angela Merkel and the head of International Monetary Fund Christine Lagarde. The topics for discussion include debt crisis in Eurozone and another tranche of financial help to Greece.
According to the analytics of , speaking about Euro rate:
- mid-term trend remains the same – bearish (its end: passing NK + FZR)
- flat-type correctional wave or 1st rising reversal wave
- short-term: SHORT-term rising trend, following rising FZR m30, with a target to bring VU to n8, 1.5486 – to 38%, and 1.5520 – to 50% (its end: passing bullish NK + down FZR)
- beginners: up – miss, down – no signals
- profi – pipsing up
Yuriy Ukazkin
