FX.co ★ EUR/USD Correction - For December 13, 2012 (Daily Strategy)

Yesterday the Fed said it would buy $45 billion of Treasury securities a month from January to support the U.S. economy in addition to existing monthly purchases of $40 billion of mortgage debt. The euro was favored, this morning during the American session, it was little overbought. It is likely to rise to 1.3111, daily resistance. At the moment the price is 1.3074, a close below the fractal 1.3059 on the 4H. If the downward pressure as part of the correction increases, the dynamic resistance level is at 1.3150, this level is very strong. Therefore, all levels below this resistance will be an opportunity to sell, with target at 1.2983, daily fractal.

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