Euro / US Dollar (EUR/USD) : Time of concessions
The euro is horizontally moving, remarkable for its low trading volumes, however, significantly resistant to the persistent failure of negotiations about the “fiscal cliff”.
In an emergency, the Senate with a Democratic majority has thus adopted by a very large majority an agreement with the White House seeks to avoid this tax cliff. If the Republican, majority in the House of Representatives, have criticized the lack of spending cuts, the text nevertheless envisages extending the tax rates to almost all Americans, leaving hope for a consensus within a opposition plagued by dozens of radical conservative.
The deficit would widen further and reach $ 330 billion in 2013 according to the "Congressional Budget Office", while Barack Obama is in favor of a further increase in the debt ceiling and obtain new powers to set himself.
Graphically, the Euro is still in a bullish trend in the short and medium term, remaining firmly hooked around USD 1.32. With an objective at 1.3478, we are taking a long position at current prices and in contact with 1.3098 as a last resort, while a close below 1.2995 would invalidate the assumption of a continuation of the current movement.
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