Forex Technical & Market Analysis: December 03 2012

2012-12-02 23:07 GMT

Merkel no longer discards losses on Greek debt
Weekend headlines suggest German Chancellor Angela Merkel may be re-thinking its stance over future Greece’s debt haircuts, after she said on Sunday this is an option to consider, although not until the ongoing rescue program shows Greece’s budget turned into a surplus. Since last Tuesday’s deal to ease the mammoth-size debt burden that the Greek government suffers, so that its debt to GDP ratio can come down to 126.6% or thereabouts by 2020, Germany’s posture on write-downs of Greek debt has been firm, saying that it would be illegal to pursue such scenario.

The majority of German Chancellor Angela Merkel’s center-right coalition members as well as the main opposition parties supported the Greek deal. This outcome has positive implications for Merkel herself, as the vote was also a test of her lawmaker’s support for her European policies, ahead of the federal elections scheduled for September 2013. During the debate preceding the vote German Finance Minister Wolfgang Schaeuble expressed his satisfaction with Greece’s austerity efforts and emphasized that the speculation on another haircut on Greek debt could destabilize the situation in the Eurozone further. – FXstreet.com

Forex Economic Calendar
2012-12-03 13:58 GMT | United States. Markit Manufacturing PMI (Nov)
2012-12-03 14:00 GMT | United States. ISM Prices Paid (Nov)
2012-12-03 15:00 GMT | United States. Construction Spending (MoM) (Oct)
2012-12-03 15:00 GMT | United States. ISM Manufacturing PMI (Nov)

Forex News
2012-12-03 04:37 GMT | EUR/GBP firm above 0.8100
2012-12-03 00:02 GMT | USD/JPY capped below 82.50
2012-12-03 01:25 GMT | EUR/USD should advance towards 1.3140 – BBH
2012-12-03 00:47 GMT | AUD/USD breaks through 1.04 on disappointing Australian data

EURUSD
HIGH: 1.30471 | LOW: 1.29845 | BID: 1.30309 | ASK: 1.30316 | CHANGE: 0.35% | TIME: 08:14:27

OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Bullish

MARKET ANALYSIS – Intraday Analysis
Price action looks mainly consolidative on the hourly chart. Our next resistance stays at 1.3042 (R1). Market expansion towards to next targets at 1.3055 (R2) and 1.3075 (R3) looks reasonable if the price manages to overcome it.

Resistance Levels: 1.3042, 1.3055, 1.3075
Support Levels: 1.2968, 1.2958, 1.2938

GBPUSD
HIGH: 1.60476 | LOW: 1.60129 | BID: 1.60304 | ASK: 1.60313 | CHANGE: 0.15% | TIME: 08:14:28

OUTLOOK SUMMARY: Sideway
TREND CONDITION: Neutral
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Bearish

The instrument does not seem to have momentum to identify clear direction. Protective measures for the upside development is seen at 1.6058 (R1). Break here would suggest next intraday targets at 1.6067 (R2) and 1.6077 (R3).

Resistance Levels: 1.6058, 1.6067, 1.6077
Support Levels: 1.6020, 1.6011, 1.5999

USDJPY
HIGH: 82.502 | LOW: 82.266 | BID: 82.342 | ASK: 82.348 | CHANGE: -0.15% | TIME: 08:14:29

OUTLOOK SUMMARY: Sideway
TREND CONDITION: Neutral
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Bullish

Instrument moves in range mode. In terms of technical levels next resistance level could be found at 82.74 (R1). Appreciation above it might enable next targets at 82.84 (R2) and 81.68 (R3) in potential.

Resistance Levels: 82.74, 82.84, 82.99
Support Levels: 82.04, 81.90, 81.68

 

Prepared/Published By FXCC Forex Trading Blog.