Wednesday, May 30 2012 – The bloc pair continues to fall down, with the issue in Spain’s crisis and banking system problems cause to dictate the flow up the currency in the market for the coming session.
Even Italy was affected by the added pessimism due to the increasing borrowing costs in the Spain’s debt market in addition the ECB has renounced from activating again the SMP (Securities Markets Programme) in advance of bond auctions in Italy today.
Considering the data, a chain of buoyancy indices in the Eurozone and M3 money supply (The widest measure of supply of money in use by European Union nations) are probable in the European Union, as housing statistics is due in the United States.
Currently the single currency fell down to 0.08 percent at 1.24680, expecting to hit the support at 1.24530 next would be 1.24280 followed by 1.24000 and 1.23000
On the positive outlook, a breakout at 1.25170 is expected to bring it to 1.25750 (R1) then 1.26250 (R2) and 1.26440 (R3).