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Uncertainties on both sides of the Atlantic

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11/14/2012 | 05:50pm

Greece was still the main subject in Europe in recent days, negotiations for new aid did not ultimately reach an agreement.

Creditors have granted a period of two years for the country to achieve the fiscal targets... but the tranche of 31.5 billion euros has not been paid and it will be another meeting, possibly on November 20, to expect a decision.

Besides, after the re-election of Barack Obama, the operators concerned now the "fiscal cliff" and the inability for the new administration to take measures to reduce the deficit whereas the Congress is not in majority Democrat.

Technically, our previous level of technical support located at 1.2760 has been broken, providing a seller signal for the next trading sessions. However, the low volatility shows the indecision of traders and neutrality of parity.

Thus, without major intervention from Greece, we expect a stabilization near 1.27 or a slight decrease with a first target located at 1.253 if break of 1.266.

Alexandre Nutte
© Zonebourse.com 2012
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Euro / US Dollar (EUR/USD) Technical Analysis Chart | EURUSD | 4-Traders
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Euro / US Dollar (EUR/USD) Technical Analysis Chart | EURUSD | 4-Traders