European markets opened lower on Tuesday as Spain is reported to be ready to request a bailout but Germany is hesitating, as they favour giving more time before an official request is submitted. Poor Spanish Jobless claims released this morning rose 79,645 in September, or 1.7%, to over 4.7 million, according to government statistics. This will be play on the markets this morning as uncertainty creeps back in and the Eurozone once again steps into the spotlight.

Important levels to take note of include;

 

EUR/USD: The pair traded lower overnight as Spanish worries remained prevelant, the morning low was at 1.28775 and the morning high traded around 1.29194. We expect to see a bit of a recovery into the afternoon testing higher levels.

 

DowJ: The index traded in a very tight range overnight during the Asian session the lows reached were down at 13,490 and the top of the range was 15,530. With no economic data out today we expect to see stocks climb higher, off the back of Bernankes speech yesterday. Will the market have faith in QE3 we soon will see.

 

Happy Trading