Here is an intraday important trading area for this pair today :
Breakout Buy level : 1.3694.
Strong Resistance : 1.3686.
Original Resistance : 1.3673.
Inner Sell Area : 1.3660.
Target Inner Area : 1.3628.
Inner Buy Area : 1.3596.
Original Support : 1.3583.
Strong Support : 1.3570.
Breakout Sell level : 1.3562.
Market Overview :
On Wednesday, the French President Nicholas Sarkozy proposed the biggest reduction of budget deficit in two decades to calm investors and maintain the credit rating of France. Next year France plans to cut its government debt ratio from 7.8% of its gross domestic product to 6%. Many of economists forecast the steps of French president will put France in a position less advantageous than the major countries of the Euro zone. Meanwhile, Spain is currently worried about the results of Moody's ratings with the qualification AAA that seems to be lost. This can happen if the Spanish economy in the third quarter shows a significant change. According to Moody’s, Spain will need many years to restore the economy especially with the predicted economic growth of only about 1% during the years 2010 to 2014.
