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Masoud : Midweek EUR/USD Review 29 Sep 11

Hello koala king and folks
Good day to you.
Europe’s leaders are trying hard to control the financial crisis which have escalated for the euro area, especially in Greece. There are talks about a plan to increase the amount of funds to the euro rescue plan. This is to increase the financial stability in Europe and to help indebted countries and banks.
If Greece defaults, European banks will be affected due to their holdings of Greek bonds. A reduction of exposure is probably on going.
Italy sold 4.5 billion euro government bonds in the market on Tuesday. However due to the critical situation in the euro area, the cost of borrowing has risen and is creating an ever increasing difficult credit situation.
From a technical perspective:
As I said in the weekly analysis and expected, the EUR/USD continued its downward trend. Given the fundamental market conditions and instability in the market, I still believe the downward trend continues. I believe as long as the currency pair is below 1.38, the trend is still downward. On the other hand, if the EUR/USD is consolidating above the A line it could be a sign of a change in trend to the upside.
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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