EUR/USD. Forecast for June 19, 2013
June 19, 2013 9:15 amVideo
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Yesterday data on ZEW Economic Sentiment both in the eurozone and in Germany was better than expected. The euro managed to grow and as the result it added 28 points. However, the growth was on small volumes and this movement may be considered a speculative one.
Now the investors are intrigued whether there will be QE3 cut in the short term or not and in particular what the decision in today’s release is. Though, on the basis of weak data for the last two weeks the investors managed to calm down, nothing is so simple and the Fed’s decision may lead to confusion. Due to the major task of QE3 to cover the deficit, it was fulfilled last month. Taking into account the second task to stimulate the economy by means of cheap credits and indirect investments. Thus, buying of mortgage bonds may be transferred to major private banks. If the Fed decides to draw a conclusion with the banks, the news about trimming may be announced today.
Thus, at 22:00 GMT+4 FOMC Interest Rate Announcement and publication of FOMC Economic Projections. At 22:30 GMT+4 The Fed’s Chairman B. Bernanke speaks.
Technically, the range of support has widened up to 43 points – 1.3337-1.3380. If the rate breaks it, it opens the way to the first target 1.3278 (the low of June 13), then 1.3230, the low of June 11 and the level of Fibonacci 50% on the H4. The third target is the range 1.3177-92, the low of June 10, support of trend line on the H4.
The material has been provided by InstaForex Company – www.instaforex.com
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