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Masoud EUR/USD Forex Forecast Review 14 May 12

 

Hello koala king and folks.

Good day to you.

Greece’s Finance Ministry on Tuesday for the first time since the disputed parliamentary elections in the country, offered it’s six-month bonds securities in the market. Ambiguity in the Greek political situation caused an increased interest rate for the bonds. Greece sold one billion three hundred million euros of bonds with interest payments of 4.69 percent.

An economic expert said that the Greeks could not say no to international aid because if so, in the near future perhaps mid or late next year, they would be forced to leave the euro zone.

According to studies, a withdrawal from the Eurozone will probably cause the standard of living in Greece to fall by eighty percent. Meanwhile the unemployment rate in Greece due to the austerity policies is growing.  Unemployment in this country is about 22 percent.

The unemployment rate in Greece in February rose to record its highest level in recent years. The European Union and the International Monetary Fund austerity policies add to the pressure of the daily lives of Greeks. Out of every five Greeks, at least one person is unemployed.

An economic report shows that in Germany, the country’s exports and imports in March had a record of significant increase. A few economic analysts believe that this record is a sign of readiness for the end of the crisis in the euro area.

Financial crisis in the housing and construction sector in Spain created new challenges for the country’s banking system. Spain has asked the country’s major banks to have 35 billion euros allocated for housing to cover the debt. The Spanish banking crisis of last week led to the IMF in its report to warn about the country’s banking system vulnerabilities.

The Economic Commission for Europe said that while the early signs of economic improvement in the euro area can be seen, the shadow of the debt crisis and rising oil prices continues to weigh heavily on the economy. The economic situation of Europe is now a fragile balance and it is expected in the second half to have gradual improvement.

In the current economic charts, the euro area faces a -0.3 percent economic growth, debt of 91.8 percent of GDP and an unemployment rate of 11 percent.

 

EUR/USD Technical Analysis

 

From a technical perspective:

Technical terms have not changed and it is still believed that the main trend is still bearish. You can refer to the midweek technical analysis chart above.

Have a great weekend.

Masoud.

 

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