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Major pairs consolidate while pessimism returns to markets…

Publish Date29/11/2012 06:42:25 PM

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Throughout the US session today we watched a GDP released yet pessimism retuned to the local and global markets mainly after that the House Speaker John Boehner affirmed that there is still "no substantive progress" made recently within the talks to avert the so-called fiscal cliff while that major pairs consolidated mainly on technical movements so far taking place in the currencies trading market.

In fact John Boehner believes that democrat`s current position remains lighthearted and actually not serious enough regarding the fiscal cliff considering that they should get grimmer on spending cuts and that according to him they need an "adult leadership".

Plus according to him as well he sees that not only the democrats seemed to be taking an appropriate slight behavior regarding the fiscal cliff but also the White House saying "the White House has to get serious" in talks to avert the "fiscal cliff."

Now the euro is presently narrow trading on the four and one-hour charts as a result of the current technical movements sending in fact the EUR/USD pair to trade up around $1.2971 while recording the highest level of $1.3012 and lowest level of $1.2938, knowing that the pair may decline but slightly as mixed signs are seen throughout the four-hour and one-hour momentum indicators. The trading range for today is among key support at 1.2760 and key resistance at 1.3110.

As for the British Pound, it is also consolidating on these correctional movements driving the GBP/USD pair to trade around $1.6036 while recording the highest level of $1.6047 and lowest of $1.6001 and is most probably going to remain at consolidated levels as mixed signs; buying and selling, are also witnessed at several time scale within the stochastic oscialltor. The trading range for today is among key support at 1.5820 and key resistance at 1.6180.

Finally, as a result of mixed signs witnessed throughout the momentum indicators at different time charts the USD/JPY pair is consolidating around ¥82.09 while recording the highest level of ¥82.20 and lowest levels of ¥81.90. The trading  range for today is among key support at 81.25  and key resistance now at 83.20.


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