ESM Announcement
The European Stability Mechanism (ESM) may finally be signed next Wednesday in Brussels, boosting the market bulls as the DAX 35 Index opened higher at 7420. The hawkish news may drive markets higher in today's session, reflecting in temporary gains in EUR/USD. The gains are unlikely to sustain themselves for the intermediate term, intraday resistance at 1.3040 to cap strong gains in Euro-dollar. The credit rating agencies remain the biggest threat as concerns on the US fiscal cliff mounts as we near the 2013. Immediate focus for today's session will be on GBP pairs and crosses as forex traders anticipate the Public Sector Net Borrowing at 08:30am GMT and CPI data from Canada at 12:30pm GMT.
Copper Technical Trading Strategy
The main focus should be on Copper. Strong gains in the metal have pushed the price into overbought territories. 'Dark Cloud' reversal pattern has been noted in the daily chart, indicating a trend reversal is nearing. ESM talks are currently supporting the price but for how long? Copper may extend its gains to 381 before reverting its current trend. Weakness is then expected to materialize, shoving the metal towards 362.50. The latter resistance is seen at 383.49, supported via 400-daily moving average (DMA) in green.
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