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  1. #1
    Moderator Kolyo's Avatar

    Hot Cyprus Parliament Vote on Banking Restructuring in 2 hours !!! !!!

    Hi guys,

    This week was entirely dictated by the Cyprus news. The last working day will not be an exception. We have a Cyprus Parliament Vote on Banking Restructuring and Wealth Fund Bill after two hours. My supposition is that it will have some effect on the EUR/USD prices in the late European and American sessions today. Cyprus Parliament votes on Deposit Levy for EU Bailout Plan. To give the green light to the measure requires 29 votes in favor out of the 56 total seats in the Parliament. Currently the ruling party, Disy, has only 20 seats. Therefore, the conservative party needs the support of nine members of the opposition to support him in the elections. However the support of the centrist Diko party is not assured.

  2. #2
    Senior Member linda_fx's Avatar
    Thanks for sharing this info Kolyo! I think if the vote is successful there will be some upside momentum! We already have such impulse I am not sure why is that, but most probably mixed from covering the weekly short positions and expectations about the Cyprus decisions are driving the market now!

  3. #3
    Senior Member LeeChang's Avatar
    EUR/USD reached resistance level at 1.3008 and I think this will be the weekly high. I bought an hourly PUT on this pair. Hope will end in the money!

  4. #4
    Rookie Member
    Cyprus has a $22B economy while China's grows that much every week. Furthermore, except for Europe, the global economic news continued to improve this past week. Some traders hopes that some sort of credible deal can be found to support the Cypriot banking system this weekend, or otherwise we could be in for a challenging next week!

  5. #5
    Veteran Member's Avatar
    1.3010 SL... and I'm in sell.... im taking that bullish move as correction..

  6. #6
    M.J is offline
    Veteran Member M.J's Avatar
    Cyprus parliament voted for Wealth fund but "Banking Restructuring" is yet to be seen. End of the week moves showed sentiments of the investors. Investors r hopping that Cyprus problem will be "no big deal". At this time it is hard to tell if market will move bearish or bullish next week. Fundamental factor will play an important role in defining direction of eur/usd.

  7. #7
    Rookie Member
    Cyprus is out of control now. It was a big scandal when yesterday it was announced that branches of the two biggest banks Laiki and Bank of Cyprus in London and Moscow weren’t closed and more than a hundred millions of euro went out from them during last several days. The deputy director of the Bank of Cyprus was kicked out, but the scandal in the EU about this was enormous!

  8. #8
    Legendry Member milos's Avatar
    Cyprus has been temporarily resolved.Next is Slovenia.The euro zone is in a vicious circle.Then Spain,Italy,Greece and Portugal.The eurozone is facing the greatest crisis since its inception on 1 January 1999.EURUSD exchange rate was 1.18.Now it is 1,27-1,28.By my opinion eurusd real exchange rate is now 1.20-1,25.Euro will continue to fall until it reachs this value

  9. #9
    Solid Member
    I think in long term Euro will fall at least to 1.20 level when it will find strong support by a number of buyers, but it is still way ahead before reaching that level!

  10. #10
    Legendry Member milos's Avatar
    I saw economic calendar euro zone for next week.The trend will continue to down.Very bad data in euro zone.Bit we will see.A lot of this depends of Interest rate decision on Thursday.Also data about U.S.economy

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