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Masoud : Midweek EUR/USD Review 16 Nov 11

Hello koala king and folks.
Good day to you.
Portugal’s economic growth will decline in the third quarter this year. Reasons stated are lower economic growth, stricter enforcement programs, reducing government spending and tax increases to reduce the deficit in this country.
Problems in Greece still remains and protests against the hard living conditions are continuing. Commission for Europe suggests that the future of Greece is not very clear. The Commission forecast that the Greek economy will hit a negative growth next year.
17-nation euro zone economic growth in the third quarter this year compared to the previous quarter was 0.2 percent. European Union announced that euro zone growth is mainly due to the economic conditions in Germany and France. Economic growth in the euro zone’s two biggest economies in this period is about half a percent.
While a failure in Greece may not mean certain death for the Euro currency, a default of Italy means that possibly Spain and Portugal will also fail. In such circumstances, France may also face difficulty and it may be the end of the Euro currency and unity of the Euro Zone. It is clear that the key to survival of the euro is in Italian hands.
The French government announced a new austerity plan with a savings of 7 billion euros for next year.
Japanese economy in the third quarter this year grew 1.5 percent. Despite the high value of Japanese yen and slow global economic growth, experts believe that the Japanese economic growth indicates that the recovery period after the earthquake and tsunami disaster of March has passed.
From a technical perspective: As I said in the weekly analysis and expected, the EUR/USD after reaching a high line channel reacted and tested the lower channel line. As long as the currency pair is below the 1.3655 resistance area. the main trend is downwards. If the EUR/USD in time frame H4 can break up the downward channel, it may be the first sign of a trend change.
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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