Yuriy Ukazkin
Today the Greek parliament is expected to adopt the budget for 2011.
The document implies new austerity measures, including considerable spending reductions and numerous tax hikes. Athens’ main goal is to reduce the deficit level by 2% of the GDP to make it reach 7.4%.
The Euro currency rate has suspended its downfall, but it’s not in a hurry to grow either. Expert of the Department of studying Masterforex-V trading system assume that yesterday there was elongation of wave a(C ) and now the price is forming “the MF Moment of Truth” for the newly-formed wave a (C ) 1.3358-1.3072. Breaking through the MF pivot at 1.3197 and coming out of the MF sloping channel will prompt the end of the entire bearish wave started at 1.3497 and the beginning of wave B against it. Otherwise the downtrend will continue.
Today’s news releases (GMT):
09:30 UK - GDP, Total Business Investment, BoE Minutes, Current Account
13:30 US – GDP, Core Personal Consumption Expenditure
15:00 US - House Price Index, Existing Home Sales
15:30 US - Crude Oil Inventories
Levels of support and resistance:
1.3205 - 50% А
1.3235 - 38.2% А
1.3182 - 38.2% а(С)
1.3127 – the current price
1.3073 – FZR of а(С)
1.3059 - 138.2% А
1.3031 - 88.2%
1.2983 - 161.8% А
1.2968 - Weekly FZR
1.2896 - 161.8% а(С) + 188.2% А
Yuriy Ukazkin
