Good day forex traders.
It is the second day of the trading week and as usual i hoped you made money from forex trading.
In the weekly EUR/USD forecast we noted bearish technical indications. However a note of concern would be the possible support in the immediate region due to the previous lows. Fundamentally Germany had rejected calls for Euro Zone debt sharing.
I want to present a line chart today to show the EUR/USD in another perspective.
Looking at the chart above, we note the steady decline from 1.3. I mentioned that the current region is a potential support and resistance region and indeed so, the currency pair has popped right above 1.24 again.
I LOVE IT WHEN MY CHARTS WORK 🙂
Remember that i mentioned Germany’s stance of no Euro Zone debt sharing? Yes while it is still maintained, the finance minister of Germany mentioned that the country is open to greater banking coordination in a bid to integrate further on fiscal aspects.
Spanish Budget Minister Cristobal Montoro mentioned today that European institutions should help strengthen the country’s lenders. Germany mentioned that Spain should tap the bailout fund if required. Readers, this may be a preview to upcoming complications. Caution is recommended.
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