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Masoud EUR/USD Forecast Review 16 May 12

 

Hello koala king and folks.

Good day to you.

Speculation about the possible withdrawal of Greece from the euro area is creating apprehension among investors. Unsuccessful negotiations on forming a coalition government cast doubt about Greece’s ability to fulfill the terms of the bail out plan.

An economic analyst evaluating the consequences of this withdrawal speculated possible social and political disorder and instability. Small companies may be bankrupt immediately and the new money may be worthless in Greece.

Moody’s on Tuesday cut the ratings of 26 Italian banks. Thus the Italian banks’ credit rating were the lowest among developed countries in Europe.

Statistics published show the euro zone during the first quarter of this year had a flat GDP and this was attributed to the strong performance from Germany.

 

EUR/USD Chart

 

From a technical perspective:

As I said in the previous analysis and I expected, the euro weaken against the US dollar. After the downward trend in the last days now the time has come for a rest. It may do a little retracement upward and later back with more energy to continue to decline. The correction target may be 1.2870.

Have a nice time.

Masoud.

 

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