Markets Nervous – Buyers Beware
Greater than expected economic contraction in the Euro zone is sending the Euro/USD lower. The currency pair broke two major supports at 1.3300 and 1.3230 today. The next support is at 1.3110, the 38.2 percent Fibonacci retracement.
Yesterday`s FOMC minutes caused a global equities sell off. Investors are exiting from the equities on the hawkish statements from the Fed and also on concerns over the United States “Sequestration”; a continued saga of the U.S fiscal cliff.
Markets are nervous and with no clear direction at the moment, it is best to stay on the sidelines for the time being.
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