Ranges rule as we await the next twist from Europe
City Index October 12, 2012 1:40 PM
<p>A lacklustre and range bound week is drawing to a close with recent ranges remaining intact as we await the next development from Spain or […]</p>
A lacklustre and range bound week is drawing to a close with recent ranges remaining intact as we await the next development from Spain or Greece re a possible request for aid or the progress on reforms or the lack of.
From a technical picture we can argue the price action for the euro is constructive with the 200-day moving average holding with a reversal in price action although personally I’m sceptical around these levels following the rejection seen at 1.2960-1.2980 following the US jobs report last Friday.
The US vice president debate overnight was generally judged to be a more of an even affair than the Obama-Romney event last week with Biden aggressively defending the administration’s tax and foreign policy against Ryan’s criticisms. Post-debate polls on who won the debate are mixed.
JPMorgan’s Q3 results today will be a key event today as the group kicks off the reporting season for the financial sector. Given its scale and reach, JPM tends to set the tone for the rest of the bank earnings season and will have pointers for the US and European banks. We also have Wells Fargo’s results today. Both are scheduled to be released before the US market open.
Supports 1.2920-1.2890-1.2825 | Resistance 1.2985-1.3050-1.3175
Supports 78.25-78.05-77.80 | Resistance 78.50-78.85-79.05
Supports 1.6000-1.5960-1.5910 | Resistance 1.6080-1.6130-1.6200
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