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Masoud : EUR/USD Weekly Review 31 Oct 11

Hello koala king and folks.
Good day to you.
European leaders have announced that with the objective of stability in the euro area and the reduction of the massive debt of Greece, the banks are convinced that a 50% loss in their demands from Greece is acceptable.
Christine Lagard president of the International Monetary Fund IMF, welcomed the agreement on debt relief in Greece and believes it is an important step toward stability in the euro area. Mr Sarkozy, French president in a press conference in Brussels said: “This result is relief for the world which expects a decision from the euro area.” Furthermore the increase in liquidity of European banks in general has been agreed. There will be an increase of the euro zone relief fund too.
There is concern that the Greek economic crisis will spread to Italy and Spain. Italy which is the third largest economy in the euro area needs over the next three years to supply the equivalent of 600 billion euro government bonds to reduce its growing debt.
According to Commerce Department statistics on America’s economy in the third quarter of this year, the annual growth is 2.5%. This figure is consistent with expectations and significant improvement in economic growth versus the second quarter is seen. More spending by citizens and businesses have been the main factors in this growth. While the employment situation had improved, unemployment in this country is still 9.1% It appears that consumers are still worried about the economy’s future.
 
From a technical perspective: 
As you can see in the above picture, the EUR/USD in time frame H4 is within a bullish channel. On the other hand, if you look at the daily time frame you see an inverse head and shoulders pattern. The purpose of this pattern (according to the distance between the head and neck line about 750 pips) would be 1.4680. On the other hand If this pattern fails, it may be the first sign of the change in trend.
Have a great weekend.
Masoud.
Masoud is a businessman and a Senior Forex Koala. Connect with him at our page on Facebook

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