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A slow day today as the EUR/USD creeps around the neighborhood.
As we near the end of the week, i certainly hope everyone is in the green.
Looking at the EUR/USD, the price action remains bullish since yesterday, testing the resistance of 1.3680+.
Although the S&P 500 is bearish as of now, it remains above 1140, suggesting strong positive sentiments with regards to the US.
Oil remains above $80 too. A close above $80 this week may indicate that the recovery is gaining momentum as oil can be a clue to the economy.
Gold on the other hand continues to fall and is currently trading at $1107+.
The economic data today brought us a couple of news from the US which performed worst than expected. For starters, the Federal Budget Balance showed an increase in the deficit. US Unemployment Claims also came in worst than expected. However, it was slightly better than the previous release. As investors take stock of the US situation, do be prepared for the risk aversion should negative developments occur.
Over to Greece, strikes occurred as the citizens expressed their unwillingness to be held responsible for actions they did not do. I mentioned previously that the Greek deficit problem goes beyond a mere fix. The longer the delay of a concrete action plan, the more investors will punish it by avoiding it.
Tomorrow brings us important news such as the US Retail Sales. Being indicators of the consumer aspect of the economy, investors will be looking out toward this for clues.
Bullish advancement may target 1.3680/740.
A come back of the bears may see us touching 1.3550/455.
Folks! am wondering hmmmmm shall we have a koala page on the Facebook? Am not very familiar with this. Let me know if you are aware of how things work.
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