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Masoud EUR/USD Forex Forecast Review 7 May 12

 

Hello koala king and folks.

Good day to you.

According to the German labor office, the unemployment rate in April remained unchanged compared to the previous month at 6.8 percent. In March, the unemployment rate in the 17-nation euro zone rose to 10.9 percent while the rate is 10.2 percent in Europe with 27 members. Austria and the Netherlands with an unemployment rate of four and five percent are among the lowest unemployment rates among euro area countries. Meanwhile, Greece and Spain with unemployment rates of 21 and 24 percent have the highest unemployment rate in the euro zone. Experts believe that with the implementation of stringent economic programs by the European governments to reduce the deficit, unemployment will increase and can cause a deeper recession in the region.

Spain with a 24.4 percent unemployment rate, highest unemployment rate among the euro area countries, reported on Friday that in line with austerity programs to reduce their costs, part of the public transport will be privatized. Experts believes that with the plan, it is likely the number of unemployed will be added.

European Central Bank policy makers decided to keep interest rates unchanged. Mario Draghi, president of the ECB said that recent indicators of the euro zone once again highlighted the issue of uncertainty in the market. He expects that economic activity will recover slowly over the next year.

American employers in April employed less people than what was expected. While the unemployment rate of 8.1 percent is the lowest in three years, equities dropped as investors are concerned about America’s economic recovery.

 

EUR/USD chart

 

From a technical perspective: EUR/USD in the daily time is still within the triangle and this implies in terms of a long-term trend that buyers and sellers are in still balance. The dominant trend is downward and the first target is the floor of the triangle. If it is broken, EUR/USD falls to 1.27.

Have a nice weekend.

Masoud.

 

Folks i started a new forum for us to discuss about forex and i hope everyone joins! It is brand new and hence i will be looking for active helpful folks to join and be possible moderators.

See you at the forum !

 

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