The ECB is getting ready to bailout risky eurozone economies by purchasing their bonds. However, the conditions of the plan are still being discussed. Deutsche Bundesbank is against purchasing risky bonds unless eurozone members learn how to practice austerity and observe budget discipline.
However, Jörg Asmussen, member of the ECB's Executive Board, gave everyone to understand that the plan can be implemented without Germany’s consent. The ECB is expected to announce readiness to implement the plan. Yet, there is little chance that the central bank will come up with a genius idea on how to support the markets and economic recovery.
Mario Draghi decided to miss the forthcoming summit of central bankers, which is to take place on Friday in the USA. He is getting ready for a decisive ECB meeting, scheduled for September 6th 2012. This meeting is expected to result in the ECB announcing the bond purchase plan.
The chart below, courtesy of , reflects the current state of affairs in the market of EURSD. The currency pair is still forming wave 5 inside a bigger-scale upswing represented by wave C h4. The closest level of resistance is 1.2651.
Анализ: Alex von Stachelkopf, аналитик отдела "Форекс, курс евро", трейдер кафедры СРП Академии трейдинга Masterforex-V
