Masoud EUR/USD Forecast 30 July 12


 

Hello koala king and folks.

Good day to you.

Mario Draghi, head of Europe’s central bank on Thursday promised to do whatever is necessary to maintain the euro area. The ECB stressed that the economic reform process in the past six months has been fantastic and if the programs developed and the same trends continue, the economy in Europe will have good days.

Speculations of Greece’s exit from the euro zone is likely to intensify. The US Federal Reserve has published a report that in the next twelve to eighteen months, there is a 90% possibility that Greece will leave the euro area. Greece’s debt level in 2010 was 110 billion euros. After including 130 billion euros and a loan received in 2012, this figure rose to 240 billion euros.

France’s unemployment rate increased for the fourteenth consecutive month. According to the French Ministry of Labour report, in June 23,700 people have been added to the number of unemployed. It has the highest unemployment rate since 1996.

Spain’s unemployment rate in the first quarter this year reached the highest levels of the mid-1970s. Of 2 young people under 26 years of this country, a person is unemployed. The unemployment rate increased 0.2 percent compared to the first quarter, reaching 24.6%.

America’s economic growth rate declined. Official preliminary estimates released Friday shows that the GDP of the world’s largest economy in the second quarter of this year has increased 1.5 percent but 0.5 percent lower than first quarter of this year.

 

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From a technical perspective:

Due to the debt situation in Europe, the euro is likely to continue weakening against the dollar. The euro uptrend against the US dollar is likely a price retracement. Everything is clear in the above picture.

Have a great weekend.

Masoud.

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