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EUR/USD Daily Review 21 Apr 10

It is mid week koalas!

If you are green from great harvests, remember that being on the sidelines may be a wise choice at times. If you are down in the red, don’t let your emotions rule your trade.

Yesterday, the Euro did not strengthen despite a better than expected German ZEW Economic Sentiment. This suggests that investors are concerned about the Euro Zone’s economic health. On the other hand, the US continues to enjoy better than expected earning reports and sentiments remain high.

I LIKE IT WHEN MY CHART WORKS x 2!

The EUR/USD tested the strong line of 1.3360 earlier and is currently headed towards 1.3400.

Although the S&P 500 seems shaky today, it remains above 1.200, indicating continued optimism.

Oil remains around $85 as of now. As oil can be a clue to the global economy’s health, lets pay attention for any developments testing the $90 mark.

Gold has risen to $1147+. Despite a stronger US Dollar, gold has increased in value and this may indicate risk aversion. Gold is known to be investment of choice in times of stormy weather.

***

Concerns over Greece probably rose and caused risk aversion.

A report stated that the Greek Finance Minister mentioned that Greece could activate the $60 billion emergency aid solution spearheaded by the European Union before discussions on the conditions for the aid conclude in two weeks’ time. This may be seen by traders as an extreme weakness in the situation and they are concerned about Greece’s ability to meet the debt redemption on May 19.

Today was the first day of discussions between the officials of Greece, European Commission and the IMF. It was reported that the talks were focused on additional deficit-cutting plans that Greece would have to accept as a condition for the funds. As tensions are high in Greece with regards to further cuts, investors fear of the risk of strikes

A number of releases to be due from both sides of the Atlantic.You can find the list of the various economic releases in the Economic Calender below.

Bullish momentum may test 1.3400/455.

Bearish moves may test 1.3360 again.

***

I got a date with Ms Sleep. I am tired and i seriously need some rest. Hee Hee. Good night!

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