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Masoud : Midweek EUR/USD Review 13 Oct 11

Hello koala king and folks.
Good day to you.
Moody’s recent actions to downgrade the credit rating of european banks is creating pressure to the European authorities. An economic analyst felt that countries that allowed state banks to fall into such situation is really ridiculous.
In China, the Chinese government has announced that in order to restore stability in banks, the government would be increasing their investments in a number of Chinese banks.
German and French leaders after talks about controlling the debt crisis in the euro area say that “significant changes” will be worked out. German Chancellor Angela Merkel and French President Nicolas Sarkozy said that closer cooperation of these economic changes among the countries in the euro zone is required.
France appears to want to tap into the euro area financial rescue fund to help banks while Germany is reported to prefer such usage to be of only a means of last resort. Despite the leaders’ efforts to contain the crisis, observers say there is little evidence of concrete actions.
From a technical perspective:

Currently and in general, while the EUR/USD is above the 1.3560 level the main trend is upward. As you can see in the above picture, the currency pair has now risen to the range and two scenarios could happen:

Scenario One: If the EUR/USD fails to break line A, it retraces from the line A and so once again with more power will take action to break the line A.
Scenario Two: If the EUR/USD could break the line A and after a bit of climbing the line goes back to the test line A and in testing this line, there may be a possibility to buy the euro against US dollar.
Have a nice time.
Masoud.
Masoud is a businessman and a Senior Forex Koala. Connect with him at our page on Facebook

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